Top 10: Renewable Energy Sources
Renewable energy – we talk about it all the time, but what does it actually mean?
The United Nations’ definition of renewable energy is “energy derived from natural sources that are replenished at a higher rate than they are consumed”.
It’s no surprise that renewable energy sits at the centre of many companies’ and countries’ sustainability strategy.
The International Energy Agency (IEA) reports that more renewable energy capacity will be added globally in the next five years than since the first commercial renewable energy power plant was built more than 100 years ago.
It also predicts that almost 3,700GW of new renewable capacity will come online over the 2023‑2028 period — so adoption is clearly seeing a swift incline.
The IEA believes that the following milestones will be achieved before 2028:
- In 2024, wind and solar PV together generate more electricity than hydropower
- In 2025, renewables surpass coal to become the largest source of electricity generation
- Wind and solar PV each surpass nuclear electricity generation in 2025 and 2026 respectively
- In 2028, renewable energy sources will account for more than 42% of global electricity generation, with the share of wind and solar PV doubling to 25%.
The IEA says: “Renewables — including solar, wind, hydropower, biofuels and others — are at the centre of the transition to less carbon-intensive and more sustainable energy systems.
“The deployment of renewables in the power, heat and transport sectors is one of the main enablers of keeping the rise in average global temperatures below 1.5°C.
“In the Net Zero Emissions by 2050 scenario, renewables allow electricity generation to be almost completely decarbonised. Meanwhile, renewable transport fuels and renewable heat contribute to significant emissions reductions in transport, buildings and industry.
“The electricity sector remains the brightest spot for renewables with the strong growth of solar photovoltaics and wind in recent years, building on the already significant contribution of hydropower.
“But electricity accounts for only a fifth of global energy consumption and finding a greater role for renewable energy sources in transportation and heating remains critical to the energy transition.”
We’ve taken a look at some of the top sources of renewable energy.
10. Hydrogen fuel cells
Company example: Toyota
Hydrogen fuel cells generate electricity through chemical reactions between hydrogen and oxygen, emitting only water as a byproduct.
Toyota has been at the forefront of hydrogen fuel cell technology development for more than three decades. The company's flagship fuel cell vehicle, the Mirai, launched in 2014 and demonstrates Toyota's commitment to this zero-emission technology.
The latest Mirai model boasts an impressive range of around 650km and can be refuelled in less than five minutes.
Toyota's fuel cell technology extends beyond passenger vehicles. The company has developed fuel cell systems for various applications, including forklifts, buses, trucks and even stationary power generators. Toyota is also actively involved in promoting hydrogen infrastructure development and has begun producing fuel cell modules in Europe to meet growing demand.
9. Green hydrogen
Company example: Nel
Green hydrogen is produced through electrolysis using renewable energy sources like wind or solar power, resulting in zero emissions when used as fuel.
Nel ASA has emerged as a leading player in the green hydrogen industry, specialising in the development and production of advanced electrolyser technology. The company offers both alkaline and Proton Exchange Membrane (PEM) electrolysers, which are crucial for producing renewable hydrogen at scale.
Nel's technology has been tested for decades, demonstrating high robustness, durability and energy efficiency.
8. Tidal
Company example: Ocean Thermal Energy Conversion
Tidal energy harnesses gravitational forces from celestial bodies to generate power from ocean tides. It is highly predictable and can complement other renewable sources during low production periods.
The UK ranks fifth globally in tidal technology advancements, with companies like Atlantis Resources leading projects that harness this potential.
Wave energy captures energy produced by surface waves on oceans and large lakes. This technology is still emerging but holds great promise for future renewable energy generation. Companies such as Ocean Power Technologies are developing systems that convert wave motion into usable electricity.
Ocean Thermal Energy Conversion (OTEC) utilises temperature differences between warm surface water and colder deep water to generate electricity. Although still largely experimental, it represents a significant opportunity for sustainable power generation in tropical regions.
7. Biofuels
Company example: XFuel
Biofuels are derived from biological materials and can be blended with fossil fuels for transportation purposes. Algal biofuel is a promising area, as algae can produce biodiesel or ethanol with a much lower carbon footprint than conventional fuels.
XFuel is an innovative startup that is pioneering the development of sustainable biofuels for major transportation sectors, including road transport, shipping and aviation. The company has developed patented technology that converts biomass waste into clean, low-carbon advanced biofuels.
XFuel's process is highly efficient and cost-effective, capable of reducing emissions by 85% compared to fossil fuel production.
What sets XFuel apart is its focus on second-generation biofuels, which utilise waste products rather than food crops.
The company aims to produce carbon-neutral or even carbon-negative fuels in the future, positioning itself as a key player in the decarbonisation of the transport industry.
6. Biomass
Company example: Drax Group
Biomass involves burning organic materials like wood and agricultural waste to produce energy.
Modern biomass systems have become cleaner and more efficient, significantly reducing emissions compared to traditional fossil fuels.
Drax Group in the UK is transitioning from coal to biomass, aiming for carbon neutrality by 2030.
Drax Group has played a pivotal role in the UK's transition from coal to renewable energy, particularly through its conversion to biomass.
The company's Drax Power Station, once Western Europe's largest coal-fired plant, has undergone a remarkable transformation to become the UK's single-largest generator of renewable electricity.
By 2023, Drax had officially ended coal-fired generation at its North Yorkshire facility, marking a historic milestone in the country's shift towards a zero-carbon future.
The power station now operates four biomass units, which generated 12.7TWh of electricity in 2022. This transition has significantly reduced Drax's carbon emissions, with the company reporting a 99% reduction in Scope 1 and 2 emissions since 2012.
However, the use of biomass remains controversial, with some reports questioning its environmental impact.
5. Geothermal
Company example: Ormat Technologies
Geothermal energy extracts heat from beneath the Earth's surface for electricity generation or direct heating. While less prevalent in countries including the UK compared to the likes of Iceland, it offers a consistent energy supply with minimal emissions.
Companies such as Ormat Technologies are developing geothermal plants globally, contributing to sustainable energy solutions.
Ormat is a global leader in geothermal energy, with more than five decades of experience in the industry.
The company is vertically integrated, involved in every aspect of geothermal power production from exploration and development to plant design, manufacturing and operation.
Ormat has built more than 3,200MW of geothermal capacity across 190 power plants worldwide, making it the largest manufacturer of geothermal binary equipment and the second-largest global owner and operator of geothermal fields and power plants.
4. Hydropower
Company example: Brookfield Renewable Partners
Hydropower generates electricity by using flowing water, typically through dams. It is one of the most established forms of renewable energy, offering reliability and storage capabilities. Hydropower plants can operate for decades with low maintenance costs. Companies such as Brookfield Renewable Partners invest heavily in hydroelectric projects worldwide, capitalising on this stable energy source.
Brookfield Renewable Partners has a significant presence in the hydropower sector, with hydroelectric assets providing 54% of its revenue and nearly 61% of its total funds from operations.
The company's roots in hydropower run deep, with its parent company, Brookfield Corporation, boasting more than 100 years of experience in owning, operating and developing hydroelectric power plants.
3. Thermal
Company example: BrightSource Energy
Thermal energy, specifically Concentrated Solar Power (CSP), uses mirrors or lenses to focus sunlight onto a small area to generate heat, which then produces steam to drive turbines for electricity generation. CSP systems can achieve efficiencies of more than 20%
BrightSource Energy is a company that designs, develops and deploys CSP technology to create clean energy in the US, Australia, South Africa and Israel. Its CSP systems generate power by creating high-temperature steam to turn a turbine, similar to traditional power plants. This happens via heliostats, which act like thousands of individual burners that heat a receiver. SFINCS algorithms then calculate the exact aiming point for each heliostat.
2. Wind
Company example: Siemens Gamesa
Wind energy utilises wind turbines to convert kinetic energy from wind into electrical power. In the UK, wind power accounted for almost 30% of the electricity supply as of recent reports, making it a critical component of the energy mix.
The cost of wind energy has plummeted by about 70% since 2009, making it one of the most cost-effective renewable sources.
Companies like Siemens Gamesa are leading in this sector, providing advanced turbine technology that enhances efficiency and output.
“Let's not wait for the next crisis to build the wind industry Europe needs,” urges former Siemens Gamesa CEO Jochen Eickholt.
“Wind energy is a major factor across societies: not only in the fight against climate change, but it is becoming an ever more important contributor to economic and employment growth.
1. Solar
Company example: Tesla
Solar energy harnesses sunlight through photovoltaic cells to generate electricity. This renewable source is particularly advantageous due to its abundance: in just one hour, enough solar energy reaches the Earth to meet global energy needs for an entire year. Solar installations can lead to significant savings on electricity bills, with users reporting reductions of up to £525 (US$681) annually in the UK.
Companies like Tesla are developing solar products such as solar panels and the Solar Roof, which integrates energy generation into building materials, enhancing sustainability while reducing reliance on fossil fuels.
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