Abstract
Renewable energy systems (RESs) have an inherent quality of achieving independence Vis a Vis useful energy harnessing for self or localized use. At larger scale the renewable energy system allows the power generation and distribution without a significant harm to the environment. Propagation and proliferation of RESs and the Renewable Energy Technology (RET), collectively demand an effective policy making infrastructure to be in place to ensure their penetration locally and globally. Renewable Energy Policies have a great impact on how readily these systems are adopted by the investors and market, how efficient these systems are which is dependent on the research and development (R&D) of RESs, how effectively the country or region copes with the scourge of environmental harm with the use of RESs. Renewable Energy Policies also have an impact on how costly these technologies are and how these technologies fiscally benefit common man, investors and industries. Efficiency enhancement, stability and intelligent management of grids integrated with RES are also renewable policy dependent. This paper thoroughly and critically examines the importance of renewable energy policy. not just at domestic or national level but also at global level. It discusses in detail the core ingredients of renewable energy policy which were adopted in the past, which are being adopted now and which should be adopted in future. This paper also discusses policy, business and financial models; importance of tariff formulation, incentives and subsidies and a few factors which may pose a risk to the development and adoption of RESs. At the end a few suggestions have also been made which, if adopted, would help promote the RESs proliferation across the globe at a rapid pace and would ensure energy security, sustainable development and environmental conservation.
Highlights
Energy policy, in general, is the stipulation of standard procedures and regulations by governmental or global bodies to look after the issues related to energy generation, distribution and end-user consumption
The discussion in [19] describes the significance of renewable energy certificates (RECs) and Feed-in Tariff (FiT) which are being widely used in modern renewable policies, in the policies formulated by the key global players in renewable energy systems and their implementations
Elements commonly shared by all these policies include a specific target, an annual target, a set of feasible and eligible renewable technologies (RETs), policies and considerations regarding the import of equipment related to Renewable Energy Technology (RET) and an effective compliance and enforcement structure
Summary
In general, is the stipulation of standard procedures and regulations by governmental or global bodies to look after the issues related to energy generation, distribution and end-user consumption. Major inter-governmental organizations are playing a key role for promoting the adoption of renewable energy worldwide They have been providing policy advice and motivating member countries to develop and improve renewable energy policies apart from helping them with capacity building and technology transfer [4]. This paper will encompass all the key policies which are being introduced and implemented by inter-governmental organizations across the globe and will highlight the policy preferences and structures being adopted by various countries across different regions regarding the development and promotion of renewable energy resources It will discuss which renewable policy is lopsided in the favour of which renewable technology by using the detailed data provided in the latest global renewable energy policy reports recently published in different research studies critically analyzing different governmental policy instruments
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