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Renewable energy will inevitably displace fossil fuels one day. And while investors squabble over the best renewable energy stock to buy, we've already got one lined up because that day might be sooner than you think.
In fact, Germany set a new record last week.
On Monday, April 22, a stunning 77% of the energy consumed by German households was produced by wind, solar, or biomass.
There were even a few hours during which renewable power output actually surpassed consumption. That meant renewables supplied 100% of Germany's electrical power.
It's a milestone few other nations, if any, can boast of reaching. Still, Germany presses on to meet its lofty goal of renewables accounting for 65% of its total energy portfolio by 2030. Europe's biggest economy is working toward phasing out 50% of its coal-fired power plants by then as well.
With Germany setting the example, clean energy policies are becoming central to state, federal, and even international federations.
Elections are being lost and won on this agenda as voters attribute increasing importance to the environment and renewable energy.
In the next four years alone, the International Energy Agency (IEA) expects renewables to reach 30% of global electricity demand.
It's a freight train barreling forward. And right now, the best renewable stocks are primed to soar as demand rises. That's why our pick is a must-buy…
A Global Perspective on Renewables
Between now and 2022, three countries will lead the way in renewable energy expansion.
Fully two-thirds of the growth will come from the United States, China, and India.
Reductions in costs and state support are fostering a favorable environment.
According to the IEA "Renewables 2017" report, solar will continue to be the "go to" renewable energy source, easily outpacing both wind and hydro.
Between 2017 and 2023, 70% of global electricity generation growth is expected to come from renewables.
Some jurisdictions are so intent on clean power generation that they're legislating the requirement for 100% clean energy.
Washington State is the latest to join this small but growing club.
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State Governor Jay Inslee, who's running for president in 2020 on a platform of climate change, has advocated such a bill. And his state senate just approved it.
As a result, Washington State will have to fully run on clean energy by 2045, a target California, New Mexico, and Hawaii have already adopted. For its part, Puerto Rico aims to do the same by 2050.
Utilities already see the writing, so they're migrating away from coal and natural gas, favoring hydropower, solar, and wind instead.
Inslee has called his state's new legislation "the country's most forward-looking clean energy bill."
Voters just may be on board too, as environmental concerns take on an ever bigger share of relevant policy debates.
Major energy markets around the world, like the European Union, China, the United States, Brazil, and India are quickly ramping up their green power.
Many of these have signed on to lofty clean energy and carbon emissions reduction goals. Clearly, that's leading to significant progress for renewable power.
As the chart below shows, about half the world's population lives in places making a genuine push for renewable energy investment.
As you can see from the chart, solar power has the most room to expand. When you consider the IEA's report that solar is the new go-to supply, it only makes sense to get into this explosive industry.
That's why our pick for the best renewable energy stock is a $774 million, award-winning, international solar company with plenty of sunny days ahead.
This stock scores a perfect 4.75 on our proprietary Money Morning Stock VQScore™, which means it's poised for a breakout in price.
The Best Renewable Energy Stock Under the Sun
About the Author
Peter Krauth is the Resource Specialist for Money Map Press and has contributed some of the most popular and highly regarded investing articles on Money Morning. Peter is headquartered in resource-rich Canada, but he travels around the world to dig up the very best profit opportunity, whether it's in gold, silver, oil, coal, or even potash.