This is a great opportunity to reflect on the state of renewable energy and how it's gaining momentum against fossil fuels. The International Renewable Energy Agency (IRENA) has just released its annual report, which finds that renewables are outpacing fossil fuels in terms of investment, capacity additions, and electricity generation. This is a significant shift in the global energy landscape and one that's been years in the making.
The report highlights several key factors driving this trend. First and foremost is the growing concern over climate change and its impact on our planet. Governments around the world are increasingly recognizing the need to transition to cleaner sources of energy, and they're putting their money where their mouth is. Investment in renewable energy reached an all-time high last year, with a record $303.5 billion invested globally. That's up 2% from the previous year and more than double the amount invested in fossil fuels.
But it's not just about the money. Renewable energy is also becoming increasingly competitive with traditional sources of power. Advances in technology have made renewables like solar and wind cheaper and more efficient, while battery storage solutions are making them more flexible and reliable. This has led to a surge in demand for renewable energy, with capacity additions reaching 235 GW in 2019, up 4% from the previous year.
At OM Energy, we've been seeing this trend play out firsthand. Our full-service commercial renewable energy company handles everything in-house: design, engineering, permitting, installation, and long-term support under one roof with no handoffs. We work closely with businesses to help them transition to cleaner sources of power, and we've seen a growing interest in solar, battery storage, EV charging, and O&M solutions. Our hands-on owner, Jesus, has 10+ years of industry experience and is committed to delivering reliable, expertly executed solutions that meet our clients' unique needs.
But it's not just about the technology or the money. It's also about building relationships with our clients. We want to be known as the accountable, relationship-first energy partner for commercial facilities - the contractor that shows up, does the work right, and stays for the long haul. That means being transparent, communicative, and responsive throughout the entire process, from initial consultation to long-term support.
In conclusion, the IRENA report is a clear indication of the growing momentum behind renewable energy. It's not just about saving the planet - though that's certainly a major driver - it's also about making smart business decisions and building long-lasting relationships with clients. At OM Energy, we're committed to being at the forefront of this trend, delivering reliable, expertly executed solutions that meet our clients' unique needs.
