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As many Oil & Energy Investor readers may know, my home base is in sunny Florida (a fact I'm quite grateful for during these winter months), while my team operates out of Baltimore, Maryland.
I recently told one of my team members that he should be very proud of his home country, Sweden.
Among Sweden's many other renewable energy accomplishments – not the least of which is meeting its 2030 renewable energy goals 12 years early – it just made wind energy history.
Now, the world's energy novel is a constantly evolving, many layered story, and renewables are playing a bigger and bigger role.
You might say they're edging their way into "main plot point" status.
The International Energy Agency reported that in 2017, renewable energy saw the highest growth rate of any other energy source.
And that only became truer throughout 2018.
We've seen incredible growth in renewable energy, and there are many indications that this growth is only going to continue.
A Tale of Two Resources
While solar power tends to get most of the love in our renewable energy story, wind power has been holding its own around the world.
To truly showcase this growth, let's start big.
The biggest oil country in the world, the country whose entire economy basically relies on the buying and selling of oil, has begun its move to renewables.
This country, of course, is Saudi Arabia.
Back in July, the Middle Eastern oil country received four bids for a $500 million wind farm that, on completion, will generate power to supply up to 70,000 households.
And according to Saudi energy minister Khalid al-Falih, "the development of a wind energy industry in Saudi Arabia is an important component of our wider industrial diversification strategy."
But even Saudi Arabia can't beat China.
China has consistently led the world in many energy ventures, and they haven't disappointed in wind power.
China is the world leader in wind power generation, and has the largest installed wind capacity of any other country.
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By 2030, China intends to have 400 gigawatts (GW) of power, and by 2050, 1,000 GW.
Judging by China's past success in energy, I have no doubt they'll be able to accomplish that goal.
Moving into the United States, renewables are edging out traditional resources in unexpected places.
About the Author
Dr. Kent Moors is an internationally recognized expert in oil and natural gas policy, risk assessment, and emerging market economic development. He serves as an advisor to many U.S. governors and foreign governments. Kent details his latest global travels in his free Oil & Energy Investor e-letter. He makes specific investment recommendations in his newsletter, the Energy Advantage. For more active investors, he issues shorter-term trades in his Energy Inner Circle.