CHAPTER 1
Introduction
Paul Midford
Overview
A global energy shift, if not an energy revolution, is currently underway.
Global investment in environmentally sustainable renewable energy generation assets has already far overtaken combined new investment in fossil
and nuclear fuel powered electricity generation infrastructure. In 2017
global investment in renewable energy reached $333 billion, versus only
$144 in fossil fuel and nuclear generation assets. This gap is expected
to continue growing, with $7.3 trillion in renewable energy investment
globally by 2040, by which point renewable energy is expected to make
up nearly 50% of installed capacity. The collapse of fossil-fuel prices, even
into negative pricing at some points, during the COVID19 pandemic is
both a reflection of the slipping position of fossil fuels vis-à-vis renewables
and a sign of further decline to come as investment in unprofitable fossil
fuels is likely to plunge. 1
P. Midford (B)
Norwegian University of Science and Technology (NTNU), Trondheim,
Norway
e-mail: paul.midford@ntnu.no
© The Author(s) 2021
P. Midford and E. Moe (eds.), New Challenges and Solutions
for Renewable Energy, International Political Economy Series,
https://doi.org/10.1007/978-3-030-54514-7_1
1
Introduction
Paul Midford
Overview
A global energy shift, if not an energy revolution, is currently underway.
Global investment in environmentally sustainable renewable energy generation assets has already far overtaken combined new investment in fossil
and nuclear fuel powered electricity generation infrastructure. In 2017
global investment in renewable energy reached $333 billion, versus only
$144 in fossil fuel and nuclear generation assets. This gap is expected
to continue growing, with $7.3 trillion in renewable energy investment
globally by 2040, by which point renewable energy is expected to make
up nearly 50% of installed capacity. The collapse of fossil-fuel prices, even
into negative pricing at some points, during the COVID19 pandemic is
both a reflection of the slipping position of fossil fuels vis-à-vis renewables
and a sign of further decline to come as investment in unprofitable fossil
fuels is likely to plunge. 1
P. Midford (B)
Norwegian University of Science and Technology (NTNU), Trondheim,
Norway
e-mail: paul.midford@ntnu.no
© The Author(s) 2021
P. Midford and E. Moe (eds.), New Challenges and Solutions
for Renewable Energy, International Political Economy Series,
https://doi.org/10.1007/978-3-030-54514-7_1
1