Renewable energy is a growing component of the global energy mix, especially for electric power production. According to the International Energy Agency, nearly 10% of the world’s total primary energy supply in 2016 came from biofuels and wastes, and a quarter of the electricity generated was from renewable sources.
Local factors strongly influence the development of renewable energy sources. For example, over 95% of domestic electricity generation in Norway is hydroelectric. This is due largely to the geography and geology of the region. On the other hand, government subsidies and tax incentives, especially in Europe, significantly spurred the growth of wind and solar photovoltaic (PV) power in that region. Access to natural resources, infrastructure, public policy, and commercial pricing of energy streams also play a major part in how different technologies are implemented, and at which locations.
Similar local and regional factors also affect the demand side. Within the chemical industry, companies are taking advantage of the growth of renewables in different ways around the globe.