Though the United States is making major progress towards the adoption of renewables, as much as 80% of energy consumption in the country still comes from fossil fuels
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Though Europe and China have dominated headlines in the renewable race, the United States is looking more and more attractive for investors betting on the global energy transition
Germany, which leads clean power initiatives in the EU, ranked second.
“Onshore wind, offshore wind and solar PV are set to account for over 80 per cent of all new power generation capacity additions globally to 2030,” said Eduard Sala de Vedruna, executive director of global clean energy technology and renewables at IHS Markit.
“While the lion’s share of 2020 capacity additions came from just two markets –China and the United States – close to 50 markets recorded double-digit growth in the past year, he added.
Oil majors in the US are facing increasing scrutiny as Mr Biden’s administration continues to push for a transition to cleaner sources of energy in a bid to lower emissions. It has frozen new exploration activities on federal lands and has brought the US back to the Paris Agreement, which seeks to limit emissions to below 2°C above pre-industrial levels, preferably about 1.5°C.