The green energy industry has become a key driver of the renewable energy sector and a major driver of economic growth, but some environmentalists have questioned whether the green energy revolution has been enough to stem climate change.
Green energy has already made major inroads into the energy market, including by harnessing the power of sun and wind, using biofuel, and by building and operating wind turbines.
But a new report by the Institute for Energy Economics and Financial Analysis (IERFA), a Washington-based think tank, argues that despite the gains, the green sector is far from ready to transition to a clean-energy economy.
In its report, the institute’s economists argue that it is the green-energy industry’s own success that has pushed renewables to the forefront of the climate conversation.
The report says green energy is “growing rapidly, and that its influence on economic growth is greater than its impact on climate”.
The report is titled ‘The Green Revolution: A Roadmap for the Renewable Energy Transition’.
It is based on research and analysis by IERFA and is the result of a year-long, multi-year research project.
The IERPA’s report argues that the green economy is already transforming the global economy.
It argues that while green-tech innovation is helping to create a clean, sustainable and resilient economy, it is also enabling the industry to generate profits at the expense of consumers, workers and communities.
“Green energy is the single largest contributor to the rise in the value of energy in the United States since the 1980s,” the report says.
“The growth of the green power industry is driven by a combination of low-carbon energy generation technologies, such as wind and solar, and carbon-neutral power systems, such that the global market for green power generated by green technologies has more than doubled since 2008.”
The report cites as evidence that wind and sun power are “leading the way in the transition to greener technologies”.
It notes that the rise of renewable energy is also having a positive impact on global economic growth.
The global renewable energy market has seen a significant increase in the number of new renewable energy projects, particularly in Asia, Europe and North America, the report states.
However, it says that while solar and wind are a huge contributor to global growth, they are still not providing enough for the cost of renewable power generation.
This is because the amount of solar energy required to produce a megawatt of electricity is much less than the amount required to generate a megaton of carbon dioxide.
It cites a recent report by IEA’s Energy and Environment Policy Group (EEPG) which found that the cost per kilowatt-hour of solar power in the US is less than one dollar.
This means that even though the cost is lower than for fossil fuels, there is still a substantial amount of cost to be offset from the amount that the energy generated is consumed.
In contrast, the cost to the power grid in India, for example, is much higher than the cost that can be offset by the amount produced.
According to IERTA, this means that the overall cost of renewables in the global electricity market is only about 1.5% of what is needed to offset the CO2 emissions from fossil fuel generation.
The researchers argue that this is a “major reason why the green revolution is far behind the green industries on climate change.”
According to the IERMA report, in order to reduce the carbon footprint of the sector, it will take more than just the growth of renewable technologies.
It will also require policies that promote efficiency and sustainability, which the report argues is the only way to reduce greenhouse gas emissions and meet climate targets.
The study’s authors say that while the green sectors are growing, their share of global economic activity is still not high enough to fully offset the climate impacts of their growth.
“There are significant opportunities for further expansion of the [green energy] sector in the coming years and decades,” the authors say.
But the report also highlights the challenges that lie ahead for the green technologies.
The authors warn that the world is in an era of rapid climate change and that there is no easy solution.
In particular, they warn that a failure to embrace the climate crisis will leave the green technology sector vulnerable to disruption and the disruption of markets, jobs and livelihoods.
“As a result, the opportunities to create sustainable, carbon-free economies will not be fully realized until the industry has built a sustainable and sustainable economic model that can withstand the impact of climate change,” they conclude.
This article originally appeared on Al Jazeera America.