Affiliation:
1. Hunan University of Humanities, Science, and Technology, China
2. University of Mianwali, Pakistan
Abstract
Renewable energy sources such as biomass, geothermal, ocean, solar, wind, and hydropower have immense potential to supply energy services globally. The available renewable energy resources are abundant enough to satisfy the current global energy demand multiple times, and maybe even 10 to 100 times this need. In recent years, there has been a significant global transition towards renewable energies to address the urgent issues of climate change and energy sustainability. This chapter examines the importance of renewable energy sources, their ability to transform the worldwide energy scene, and the essential technologies propelling this shift. It covers aspects such as their installed capacity, the number of energy carriers they produced in 2023, the status of market and technology development, their economic and financial viability in 2023 and the foreseeable future, and significant challenges they may encounter regarding sustainability or implementation.