At present, roughly 84% of the world’s energy is derived from non-renewable resources, with fossil fuels accounting for 81% and nuclear energy, approximately 3% . Energy related greenhouse gas emissions account for 80% of total emissions, thus it is clear that there is great potential for reductions in the energy sector. While increasing the efficiency of traditional energy plants has led to notable GHG emissions reductions, the greatest potential for future reductions lies in adopting renewable resources in energy production such as: sunlight; wind; and water.
Replacing traditional, emissions-heavy sources of energy with renewable energy would significantly reduce GHG emissions by replacing carbon-heavy energy plants with almost emissions-free alternatives. However, energy produced using renewable resources currently accounts for a mere 16% of global final energy consumption . While renewable energy capacity continues to grow at a rapid rate, it is not expected to overtake traditional sources of energy for several decades and will remain reliant on government subsidies and incentives to secure it competitiveness on the market.