Abstract

The massive political support for renewable energies since the late twentieth century has triggered a renewable energy revolution that—together with liberalization—has transformed energy sectors worldwide. As many countries strive to replace fossil fuel power and, in some cases, also nuclear power with renewable energies, the latter have developed rapidly since the turn of the millennium. Between 1990 and 2016, renewables increased their share in global power generation from 20% to 24%, mainly at the expense of nuclear power, whose share decreased from 17% to 10%, whereas fossil power generation increased its share slightly from 63% to 65% (IEA data). ¹ Figures on the investment in annual power generation reveal an even clearer picture: Whereas, in 2005, renewable and fossil fuel power received similar investment amounts, their development diverged afterwards (Figure 27.1). Renewable power investment more than doubled between 2005 and 2018, with a steep increase until 2010, while investment in fossil fuel power has stagnated. And although total renewable power spending has been relatively stable since 2010 in terms of US dollars spent, investment activity is up by 55% since 2010 if adjusted for declines in cost (IEA, 2019: 53).