The International Energy Agency (IEA) forecasts that the world will add more renewable energy capacity in the next five years than it has since the first commercial renewable power plant was built over a century ago. This surge in adoption is set to bring about 3,700GW of new renewable capacity online between 2023 and 2028.
- Energy derived from natural sources that are replenished at a higher rate than they are consumed
Several key milestones are anticipated in the near future:
- 2025: Renewables will overtake coal as the largest source of electricity generation.
- 2026: Both wind and solar power generation will exceed nuclear.
- 2028: Renewable energy sources will contribute to over 42% of global electricity generation, with wind and solar PV doubling their share to 25%.
This remarkable growth shows the central role of renewable energy in sustainability strategies for companies and countries alike. As the world races to meet climate goals, the rapid expansion of renewable capacity offers a promising path forward in the global energy transition.
The IEA says: “Renewables — including solar, wind, hydropower, biofuels and others — are at the centre of the transition to less carbon-intensive and more sustainable energy systems.
“The deployment of renewables in the power, heat and transport sectors is one of the main enablers of keeping the rise in average global temperatures below 1.5°C.
“In the Net Zero Emissions by 2050 scenario, renewables allow electricity generation to be almost completely decarbonised. Meanwhile, renewable transport fuels and renewable heat contribute to significant emissions reductions in transport, buildings and industry.
“The electricity sector remains the brightest spot for renewables with the strong growth of solar photovoltaics and wind in recent years, building on the already significant contribution of hydropower.
“But electricity accounts for only a fifth of global energy consumption and finding a greater role for renewable energy sources in transportation and heating remains critical to the energy transition.”
We’ve taken a look at some of the top sources of renewable energy.
10. Hydrogen fuel cells
Company example: Toyota
Chief Sustainability Officer: Yumi Otsuka
Hydrogen fuel cells generate electricity through chemical reactions between hydrogen and oxygen, producing only water as a byproduct.
Toyota has been at the forefront of hydrogen fuel cell technology development for more than three decades. The company's flagship fuel cell vehicle, the Mirai, was introduced in 2014, demonstrating Toyota's commitment to this zero-emission technology. The latest Mirai model features an impressive range of about 502 km (312 mi) and can be refuelled in approximately three to five minutes.
Toyota's fuel cell technology applications extend beyond passenger vehicles - the company has developed fuel cell systems for various uses, including forklifts, buses, trucks and even stationary power generators.
It is actively promoting hydrogen infrastructure development and has begun producing fuel cell modules in Europe to meet growing demand. The company is also working on next-generation hydrogen fuel cell technology, expected to be available for sale in 2026, which aims to deliver industry-leading performance through longer lifecycles and reduced costs.
9. Green hydrogen
Company example: Nel
CEO: Håkon Volldal
Green hydrogen is generated through electrolysis powered by renewable energy sources like wind or solar, resulting in a zero-emission fuel.
Nel ASA has established itself as a prominent figure in the green hydrogen sector, focusing on developing and manufacturing cutting-edge electrolyser technology.
The company provides both alkaline and Proton Exchange Membrane (PEM) electrolysers, which are essential for large-scale renewable hydrogen production. Nel's technology has undergone decades of testing, proving its reliability, longevity and energy efficiency. Nel has recently streamlined its operations to concentrate solely on electrolyser development and delivery, leveraging nearly a century of experience in the field.
8. Tidal
Company example: Ocean Thermal Energy Corporation
Chairman of the Board and Chief Executive Officer: Jeremy P. Feakins
Ocean energy technologies offer diverse methods for harnessing the power of our seas.
Tidal energy uses the gravitational pull of the moon to generate electricity from ocean tides. Its predictability makes it an excellent complement to other renewable sources during their low output periods.
The United Kingdom is a global leader in tidal technology, ranking fifth worldwide, with companies like Atlantis Resources spearheading innovative projects in this field.
Wave energy technology captures the power of surface waves on oceans and large lakes. While still an emerging technology, this method shows considerable potential for future renewable energy production.
Firms such as Ocean Power Technologies are at the forefront, developing cutting-edge systems that transform wave motion into usable electrical power. Ocean Thermal Energy Conversion (OTEC) is another promising technology that leverages the temperature gradient between warm surface waters and cooler deep waters to produce electricity. Although primarily in the experimental phase, OTEC presents a significant opportunity for sustainable energy generation, particularly in tropical regions where temperature differences can be more pronounced.
7. Biofuels
Company example: XFuel
CEO: Dr. Nicholas Ball
Biofuels, derived from biological materials, can be blended with fossil fuels for transportation purposes. This can include corn, algae, animal fat or vegetable oils.
XFuel, an innovative startup, is at the forefront of developing sustainable biofuels for major transportation sectors, including road, marine and aviation. The company's patented technology efficiently converts biomass waste into low-cost, drop-in fuels that comply with existing fuel specifications. What distinguishes XFuel is its focus on second-generation biofuels, which utilise waste products rather than food crops. The company's process is highly efficient, using feedstock from sustainable waste sources in manufacturing, construction, forestry and agriculture.
6. Biomass
Company example: Drax Group
Chief Sustainability Officer: Miguel Veiga-Pestana
Biomass energy production involves combusting organic materials such as wood and agricultural waste.
Modern biomass systems have evolved to be cleaner and more efficient, substantially reducing emissions compared to traditional fossil fuels.
Drax Group, a key player in the UK's energy transition, has been pivotal in shifting from coal to renewable energy, particularly through its conversion to biomass. The company's Drax Power Station, formerly Western Europe's largest coal-fired plant, has undergone a remarkable transformation to become the UK's single-largest renewable electricity generator through burning compressed wood pellets. In 2023, Drax officially ceased coal-fired generation at its North Yorkshire facility, marking a significant milestone in the UK's journey towards a zero-carbon future. The power station now operates four biomass units, which generated 12.7TWh of electricity in 2022.
5. Geothermal
Company example: Ormat Technologies
CEO: Doron Blachar
Geothermal energy harnesses heat from beneath the Earth's surface for electricity generation or direct heating.
This practice is common in countries like Iceland as it provides a steady energy supply with minimal emissions.
Ormat Technologies, a global leader in geothermal energy with more than 50 years of experience, is at the forefront of developing geothermal plants worldwide. The company's vertically integrated structure encompasses all aspects of geothermal power production, from exploration and development to plant design, manufacturing and operation. As of 2025, Ormat has constructed more than 3,200MW of geothermal capacity across 190 power plants globally. This achievement positions Ormat as the largest manufacturer of geothermal binary equipment and the second-largest global owner and operator of geothermal fields and power plants.
Ormat's expertise extends to more than 30 countries, enabling them to maximise geothermal resources and facilities. The company's comprehensive approach includes field analysis, resource delineation and optimised plant configurations, offering solutions tailored to specific sites, geothermal resources and ambient conditions
4. Hydropower
Company example: Brookfield Renewable Partners
Chief Sustainability Officer of Brookfield's Renewable Power & Transition Group: Kelly Goddard
Hydropower harnesses the energy of flowing water, typically through dams, to generate electricity. As one of the oldest forms of renewable energy, it offers reliability and energy storage capabilities, and hydroelectric plants can operate for decades with minimal maintenance costs.
Brookfield Renewable Partners, a major player in the renewable energy sector, has made substantial investments in hydroelectric projects globally, leveraging this stable energy source. Hydropower assets contribute significantly to the company's financial performance, accounting for 54% of its revenue and nearly 61% of its total funds from operations.
The company's expertise in hydropower is deeply rooted, with its parent company, Brookfield Corporation, boasting more than a century of experience in owning, operating and developing hydroelectric power plants. This long-standing involvement highlights Brookfield's commitment to and proficiency in hydropower generation.
3. Thermal
Company example: BrightSource Energy
CEO: David Ramm
Concentrated Solar Power (CSP) technology harnesses sunlight using mirrors or lenses to focus it onto a small area, generating heat that produces steam to drive electricity-generating turbines. CSP systems can achieve efficiencies exceeding 20%.
BrightSource Energy, a prominent player in the CSP industry, designs, develops and implements CSP technology for clean energy production in the United States, Australia, South Africa and Israel. The company's CSP systems generate power by creating high-temperature steam to drive turbines, mirroring the process in conventional power plants. This is accomplished using heliostats, which function as numerous individual heat sources directed at a receiver.
BrightSource employs sophisticated SFINCS algorithms to precisely calculate the optimal aiming point for each heliostat, ensuring maximum efficiency. BrightSource's CSP plants typically consist of a solar field for thermal energy collection, a thermal storage system and a power block for electricity generation. The company's global CSP projects currently produce more than 700 megawatts of energy, sufficient to power 700,000 homes.
2. Wind
Company example: Siemens Gamesa
Executive Vice President Wind Power: Vinod Philip
Wind energy harnesses wind turbines to transform wind's kinetic energy into electrical power.
Recent reports indicate that wind power supplied nearly 30% of the UK's electricity, establishing it as a crucial component of the nation's energy portfolio.
Since 2009, wind energy costs have decreased by approximately 70%, positioning it as one of the most economical renewable energy sources.
Siemens Gamesa, a leading company in this sector, offers cutting-edge turbine technology that boosts efficiency and output.
“Let's not wait for the next crisis to build the wind industry Europe needs,” urges former Siemens Gamesa CEO Jochen Eickholt.
“Wind energy is a major factor across societies: not only in the fight against climate change, but it is becoming an ever more important contributor to economic and employment growth."
1. Solar
Company example: Tesla
Global Sustainability and Impact Lead: Sam Harris
Solar energy converts sunlight into electricity using photovoltaic cells. This renewable resource is remarkably abundant: the Earth receives enough solar energy in a single hour to satisfy global energy demands for a full year.
Solar installations offer substantial economic benefits, with UK users reporting annual electricity bill reductions of up to £525 (US$681).
Tesla, whilst known for its EVs, is developing innovative solar products including traditional solar panels and the Solar Roof, which integrates energy-generating capabilities directly into building materials. Such advancements promote sustainability while decreasing dependence on fossil fuels.
Tesla's solar products are designed to work seamlessly with the company's Powerwall home battery system, enabling users to store excess energy for use during night time or cloudy periods. This integration enhances energy independence and resilience, particularly in areas prone to power outages or with variable electricity rates.
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