Energy is the lifeblood of economies and shifting to renewable and efficient energy systems is a prerequisite for achieving sustainability. According to the International Energy Agency, global energy demand is set to grow by more than 25% by 2040. In the last decade there has been strong growth in demand for renewable energy and energy efficiency given concerns around climate change, declining costs of wind and solar energy generation, and advances in battery technology. For instance, according to REN21, more solar energy capacity was added in 2017 than the net additions of fossil fuels and nuclear power combined.
For many businesses a shift to green energy can save money, such as through energy efficient motors, reducing energy consumption, or using geothermal energy to heat buildings. Investments in green energy can also increase profit margins through actions such as installing rooftop solar panels that sell any excess energy produced back into the energy grid.
An increasing number of countries and regions, including Mexico, Tunisia, the US and the EU, provide rebates or tax incentives for companies to switch to green energy.