For reasons of energy security and reduction in CO2 emissions, the global power sector has seen a gradual shift from conventional power-generating sources toward renewable energy sources such as wind, solar, biopower, and geothermal.
Governments worldwide are providing support measures and have committed to a certain share of renewables in the overall power mix. To help implement these measures, numerous incentives have been put in place for renewable energy development and to offer a level playing field.
Europe is the region with the most number of countries actively promoting the development of renewable power capacity. All European Union (EU) member countries have targets designated by the EU in order for the EU to comply with international emission norms. To achieve this, each country has its own National Renewable Energy Action Plan (NREAP) which, among other things, includes a target to increase renewable energy generation in order to reduce emissions.
American countries are adopting several strategies to ensure an intense shift towards renewable energy and this has already led to significant development in the renewable energy market.
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