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The 2021 Bipartisan Infrastructure Deal's investment of over $65 billion in clean energy transmission and the electric grid is a milestone in American history. It aims to upgrade power infrastructure, including the construction of resilient transmission lines for expanding renewable energy, establishing a Grid Deployment Authority, investing in advanced transmission technologies, promoting smart grid solutions, and funding research for future technologies like advanced nuclear reactors, carbon capture, and clean hydrogen.
While renewable energy sources are growing, their contributions to overall electricity generation still need time to match fossil fuel contributions. However, there have been positive shifts, notably in the decreasing cost competitiveness of renewable energy technologies, leading to increased investments and a shift in the market's focus.
Renewable energy investments have also improved energy accessibility, particularly in developing countries like China, India, Brazil, South Africa, and Mexico. These nations have become significant contributors to the renewable energy sector, surpassing developed nations in financing utility-scale projects.
The transition toward renewable energy trends is now globally activated, impacting investments, resource allocation, and energy accessibility worldwide.
Sustainability as a growth platform has evolved, moving beyond Corporate Social Responsibility to the Triple Bottom Line across industries. Solar energy, in tandem with Micro-Grids, is resurging to meet local goals like reliability, reducing carbon emissions, diversifying energy sources, and cutting costs. Despite some solar companies' bankruptcy, the solar industry has seen an 80% cost reduction since 2010, improved performance, and increased Initial Public Offerings (IPOs). Moreover, the integration of solar energy into steam generation and energy storage marks a significant shift in clean technology.
Renewable energy's importance cannot be understated, given the urgency of climate challenges. In 2022 alone, about 60% of electricity in the United States was generated from fossil fuels, while 22% came from renewable sources, with small-scale solar photovoltaic systems contributing an additional estimated 58 billion kWh of electricity generation.
Overall, these trends highlight the global shift towards sustainable energy and the ongoing evolution of energy systems worldwide.