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The latest "Renewables Global Status Report" is one of the most encouraging things I have seen all year. Compiled by REN21, the report shows that investments in renewable energy such as solar, wind and hydroelectric increased at the fastest rate ever in 2015. In fact, investments in renewables globally were more than double the amount invested in the fossil fuel infrastructure. For the first time, emerging economies like Honduras, Mauritania, and Uruguay spent more per capita GDP than rich economies, bringing a wider range of countries into the fold of clean energy.
By the numbers, about 8.1 million people are now working in renewable energy worldwide. About 150 gigaWatts of green electricity were added to the world grid in 2015, almost as much as the entire African continent power grid. China, Japan, the U.S. and U.K. added the largest proportions of green electricity. China, in particular, has pursued renewables aggressively, accounting for about a third of all new investments last year. Now, 23.7 percent of the world's total electricity consumption comes from renewables with all expectations for this figure to surpass 25 percent by the end of the year.
The E.U. also reached a new milestone in 2015: acquiring an astounding 44% of its electricity from renewables. The use of wind has been one of the most consistent additions to global energy, increasing at an average of about 15 to 20 percent each year for the last half decade. All types of solar energy have been booming as well, with some geographical differences. Solar thermal, for example, has been a very popular choice for the U.S. and Spain, doubling in use for both countries since 2011. Photovoltaics, on the other hand, are more popular in China and Japan, increasing in use by about 50 percent and 40 percent, respectively, since 2014. The regional variations in many ways reflect the various government-led initiatives that are invested in diverging domestic technologies.
With the rapid expansion of renewables, the long-term cost-effectiveness of various technologies has improved steadily. The cost-effectiveness of photovoltaics, for example, has effectively doubled since 2005 while that of geothermal and wind have been increased by about 50 percent since 2000. As more business accrues, new revenue continues to drive the production of better technology. Not surprisingly, the countries that made the earliest investments now have the most competitive green energy companies, exporting such devices and expertise in high volume. Despite its reputation for being a technology powerhouse, South Korea is not one of these countries.
In the year 2000, South Korea obtained about 29 percent of its electricity from nuclear sources, 28 percent from coal, 10 percent from oil, 26 percent from natural gas, and 7 percent from renewables (virtually all hydroelectric dams). In 2015, these numbers remained virtually unchanged with a higher dependence on nuclear and less dependence on oil as follows: 35 percent nuclear, 29 percent coal, 3 percent oil, 25 percent gas, and 8 percent renewables. Since Korea's overall electricity consumption has also increased since 2000 by about 65 percent (30 gigaWatts), there has been some expansion of renewables but this expansion has remained almost exclusively hydroelectric. When I ask Koreans about this, the first thing they usually say is: "Our country is so small! We don't have room for solar panels!" Although there might be a smidgeon of truth in this, a look at Japan's 40 percent increase in solar panel capacity in 2015 immediately nullifies the argument.
The real problem is that Korea has failed to develop any significant domestic green energy industry. This has left the country in the awkward position of having to either join the party late or import. For now, the Korean government has opted for a mix of both, pumping in about $2 billion a year for the last three years to develop domestic expertise and install new renewables infrastructure. With fossil fuel prices remaining at record lows, perhaps there is still enough time to catch up.
The writer has a Ph.D. from Yale and is a professor at Dongseo University in Busan. He is also the associate director of the Tan School of Genetics at Fudan University, Shanghai. His email address is jfendos@aya.yale.edu.
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