The initiative. A recent analysis by the International Energy Agency (IEA) reveals that patents for renewable energy have grown 4.5 times faster over the past two decades compared to those for fossil fuels.
Global policies. This growth is reflected in the expanding capacity for renewable energy and the commitment to achieving carbon neutrality. According to the study, public policy support and public and private financing have reached $60 billion for large-scale technologies. However, some of these projects are facing challenges such as inflation and political uncertainty.
A global movement. China is undoubtedly the world’s leader in renewable energy. For several years, the Asian nation has been at the forefront of the energy transition. It’s allocated half of its energy patents and more than 90% of its venture capital funding to bulk technologies such as batteries and electrolyzers.
Europe is following a similar path, focusing on large-scale engineering projects. Renewables have now surpassed coal in their energy contributions. Meanwhile, the U.S. has kept a diversified portfolio that includes both fossil fuels and clean energy technologies. However, this may change in the future due to the Trump administration’s policies.
The Great Solar Paradox: The Cheaper Solar Energy Becomes, the More It Collapses Global Power Grids
Emerging sources of energy. According to the study, hydrogen shows great promise. Patents related to the production and use of hydrogen increased by 47% in 2022, with a strong emphasis on industrial applications such as transportation and steelmaking.
Future investment. The IEA study emphasizes the need for increased public investment in energy research and development. Currently, the financing from IEA member countries is only 0.04% of their GDP. Researchers suggest that international collaboration is essential for developing more solutions in this field. They’ve also highlighted other emerging technologies, such as carbon capture and storage, smart grids, and the application of AI in energy management.
Challenges ahead. One issue is the long-term supply chain shortage of strategic materials and inadequate infrastructure in certain countries. Additionally, some large-scale projects focused on clean energy sources are being abandoned. Finally, the ongoing trade tensions raise concerns about market accessibility moving forward.
Image | Raimond Klavins
The post There’s One Area Where Renewable Energy Is Clearly Outpacing Fossil Fuels: Patents appeared first on Xataka On.
