Global Energy Shift: Policy Trends and Future Outlook Amidst the Renewable Revolution

Global Energy Shift: Policy Trends and Future Outlook Amidst the Renewable Revolution

2024-05-20

Under the dual pressures of global climate change and energy supply security, an energy revolution is quietly unfolding across the globe. The rapid development of renewable energy has become the key force reshaping the global energy landscape, with governments worldwide introducing a series of innovative policies to drive this historic transition.

According to the latest data from the International Energy Agency (IEA), the global generation of electricity from renewable sources is expected to maintain rapid growth over the next five years, with renewables projected to occupy a central position in the global electricity market by 2025. Solar and wind energy, representing the forefront of renewables, will account for the majority of new electricity generation capacity. Meanwhile, biofuels are starting to make their mark in areas such as aviation, gradually replacing traditional high-carbon fuels and showcasing a firm commitment to green and low-carbon development worldwide.

On the path to promoting the development of renewable energy, governments have adopted active and effective policy measures. Take the European Union for example, its electricity market reform agreement aims to enhance the flexibility of the power system and the share of renewable energy, laying a solid foundation for long-term sustainable development. The German government's Solarpaket 1 photovoltaic subsidy program not only provides strong support for the development of the photovoltaic industry but also encourages investment in photovoltaic projects from the industrial and commercial sectors, further simplifying the deployment process of photovoltaic patio systems. The Australian government, through the "Australian Future Manufacturing Act" and the SolarSunshot program, offers comprehensive incentives and support for the development of green energy fields such as solar and hydrogen energy.

Energy transformation doesn't happen overnight, and battery storage technology is key to stabilizing power supplies during the transition. The IEA predicts that to meet the greatly increased demand for electricity generated from renewable sources, global energy storage capacity needs to expand sixfold by 2030. Home storage systems, which are typically installed in conjunction with residential photovoltaic systems, play an important part in distributed energy systems. During the day, electricity generated by the photovoltaics primarily serves local loads; excess energy is stored in batteries, which can optionally feed into the grid when surplus remains. At night or when photovoltaics can't generate power, the battery discharges to provide electricity for local consumption. Home storage can increase the self-consumption rate of residential photovoltaic systems, reduce electricity costs for consumers, perform peak shaving for the grid, and ensure stable electricity supply during extreme weather. For example, Hinen's Pro15 home storage system, paired with two 7.77kWh batteries, can extend storage capacity to 15.54kWh, significantly increasing the self-consumption rate for household photovoltaic users. With series-connected battery technology, the system's storage capacity can expand to a maximum of 31.08kWh. In the event of a power outage without solar or other power inputs, it can maintain the basic electricity needs of a large residence for at least a day.

As policies continue to propel and technologies continue to evolve, renewable energy will become the key force dominating the global energy landscape. Hinen, as a reliable residential storage solution expert, will focus on the development of innovative technologies to provide solid technical support for the global energy transition, together building a cleaner, low-carbon, and efficient new energy landscape.

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