Adoption of Renewable Energy (RE) is a key component in the fight against climate change. However, some technical limitations prevent full-scale transition from fossil-fuel-based power supply to renewable energy.
The unreliability of RE sources, i.e. solar radiation is not constant throughout the day or the year. Similarly, wind currents are seasonal and conditions are favourable only in certain areas, all year round. As a result, every RE plant must have a conventional fuel-based backup power plant. This increases capital costs.
Governments, Banks and Private financiers have adopted the below as most common mechanisms to promote RE.
Source: REN21 (Renewable Energy Policy Network for the 21st Century (www.ren21.net )
The detailed method in which these policies and instruments work will be discussed in later posts.
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