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The generally higher cost of renewables has had a discernible effect: the bulk of global renewable-energy spending is concentrated in high-watt countries even though electricity demand in those countries is generally flat or declining. For instance, in both the U.S. and Germany, electricity production in 2017 was roughly the same as it was 2004. Meanwhile, in the no-watt and unplugged countries — where electricity is scarce and demand for electricity is booming — spending on renewables lags far behind that of electricity-rich countries.
In 2016, global investment in renewable energy projects totaled some $242 billion. Of that some $106 billion, or 43 percent, was spent in Europe and the US. China spent another $78 billion. Thus, the U.S., Europe, and China together accounted for more than 75 percent of all global spending on renewables. //
Meanwhile, spending on solar and wind in Africa, the Middle East, and India totaled just $17 billion. //
What would it take solely to keep up with the growth in global electricity demand by using solar energy? We can answer that question by looking at Germany which has more installed solar-energy capacity that any other European country, about 42,000 megawatts. In 2017, Germany’s solar facilities produced 40 terawatt-hours of electricity. Thus, just to keep pace with the growth in global electricity demand, the world would have to install 14 times as much photovoltaic capacity as now exists in Germany, and it would have to do so every year. //
While cost, storage, and scale are all significant challenges, the most formidable obstacle to achieving an all-renewable scenario is simple: there’s just not enough land for the Bunyanesque quantities of wind turbines and solar panels that would be needed to meet such a goal. The undeniable truth is that deploying wind energy and solar energy at the scale required to replace all of the energy now being supplied by nuclear and hydrocarbons would require covering state-sized chunks of territory with turbines and panels. //
From a practical on-the-ground standpoint, the power density of wind energy will forever be stuck at 0.5 to 1 watt per square meter.
