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Renewable Energy in 2023: The Latest Trends and Developments

The renewable energy sector has seen significant growth and development in recent years. In 2023, there are several trends and developments that are shaping the industry.

One trend is the increasing competitiveness of renewable energy sources such as solar and wind power. Despite costs for new solar PV and wind installations increasing, reversing a decade-long cost reduction trend, natural gas, oil and coal prices have risen much faster, therefore actually further improving the competitiveness of renewable electricity¹².

Another trend is the broader use of artificial intelligence (AI) in driving renewables deployment. AI can help accelerate the global energy transition by optimizing and efficiently integrating variable renewable energy resources into the power grid, supporting a proactive and autonomous electricity distribution system, and opening up new revenue streams for demand-side flexibility².

Energy storage is also taking center stage as the global move toward renewables has had a significant role in driving the adoption of battery storage solutions².

Overall, these trends and developments show that renewable energy is becoming an increasingly important part of our energy mix. By embracing these technologies and innovations, we can continue to transition towards a more sustainable future.

Source: GPT-4 enabled Bing, 01/05/2023
(1) Renewable Energy Market Update: Outlook for 2022 and 2023 | en – OECD. https://www.oecd.org/publications/renewable-energy-market-update-faf30e5a-en.htm
(2) 3 renewable energy trends for 2023 and beyond. https://www.reuters.com/article/sponsored/shell-energy-renewable-energy-trends-2023
(3) Three trends that will shape the energy sector in 2023. https://www.undp.org/energy/blog/three-trends-will-shape-energy-sector-2023

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