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Renewables comprising solar, wind energy, hydro, and biofuels among others is the key to transition toward a low carbon economy contributing to sustainability. Largely driven by strong policy support, along with sharp cost reductions primarily in the solar and wind sector will contribute to large scale capacity additions in the renewables. Shifting focus on climate goals, introduction of ambitious net zero targets across economies coupled with growing challenges related to recent rises in energy prices and energy security will continue to drive the industry trends. Growing diversification of the solar PV manufacturing, rising renewable capacity for hydrogen production and ongoing implementation of the existing policies along with introduction of regulatory reforms will pave the way for faster renewable energy expansion.
The COVID -19 crisis along with the Russia Ukraine war led to fossil fuel supply disruptions, thereby underlining the energy security benefits of renewables. Consequently, the higher fossil fuel prices have further improved upon the competitiveness of wind energy and solar PV.
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