If renewable energy like solar , wind and geothermal ( using the heat from the deep underground …) get more efficient and reliable , the demand on oil and natural gas would be undermined a lot by 2050 as some expect . To compare , see how coal has become much less expensive than it were a 100 years ago due to finding several alternatives like natural gas and oil plus nuclear energy . Not only is there renewable energy technology evolving but also some biofuels made from algae and even plastics are now being discovered and invented . Development is taking place in many areas, and some oil producing companies and oil exporting countries themselves are starting to invest in renewable green energy projects and other infrastructures for sustainable green economic development.
Renewable energy is generally defined as energy that comes from resources which are naturally replenished on a human timescale such as sunlight,wind, rain, tides, waves and geothermal heat. Renewable energy replaces conventional fuels in four distinct areas:electricity generation, hot water/space heating, motor fuels, and rural (off-grid)energy services. Direct geothermal for heating is also growing rapidly. Wind power is growing 30 % annually in the world. Based on REN21’s 2014 report, renewables contributed 19 percent to our energy consumption and 22 percent to our electricity generation in 2012 and 2013, respectively. Some countries get most of their power from renewables, including Iceland (100%), Norway (98%), Brazil (86%), Austria (62%), New Zealand (65%), and Sweden (54%). Both, modern renewables, such as hydro, wind, solar and biofuels, as well as traditional biomass, contributed in about equal parts to the global energy supply. Worldwide investments in renewable technologies amounted to more than US$ 214 billion in 2013, with countries like China and the United States heavily investing in wind, hydro, solar and biofuels. Renewablebiofuels have contributed to a significant decline in oil consumption in the United States since 2006. The 93 billion liters of biofuels produced worldwide in 2009 displaced the equivalent of an estimated 68 billion liters of gasoline, equal to about 5% of world gasoline production. Renewable energy resources exist over wide geographical areas, in contrast to other energy sources, which are concentrated in a limited number of countries. Rapid deployment of renewable energy and energy efficiency is resulting in significant energy security, climate change mitigation, and economic benefits. In international public opinion surveys there is strong support for promoting renewable sources such as solar power and wind power. At the national level, at least 30 nations around the world already have renewable energy contributing more than 20 percent of energy supply. National renewable energy markets are projected to continue to grow strongly in the coming decade and beyond.While many renewable energy projects are large-scale, renewable technologies are also suited to rural and remote areas and developing countries, where energy is often crucial in human development. United Nations’ Secretary-General Ban Ki-moon has said that renewable energy has the ability to lift the poorest nations to new levels of prosperity.