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The renewable energy sector is expected to increase massively before the end of the decade. In 2021, European countries accounted for the largest share of energy produced from renewables worldwide. Europe is projected to maintain this top-ranking position in the next few years, with an expected ** percent of energy production coming from renewable sources by 2027. The most substantial growth in renewable energy production between 2021 and 2027 is however forecast to occur in the Middle East and Africa, with a three-fold increase from **** percent to ** percent.

Renewable energy investments in the United States

With the Biden Bipartisan Infrastructure Bill in 2021, the United States allocated ** billion U.S. dollars for upgrading the power infrastructure and ** billion U.S. dollars for smart buildings. The clean energy investments in the U.S. will finance the transmission network of the growing renewable energy sector, the development of green technologies, and the optimization of energy consumption to save energy.

South America's renewable energy outlook

South America's share of energy production from renewable sources is projected to * between 2021 and 2027. The Argentinian energy sector, for example, has attracted Chinese and European investments and the renewable energy capacity of this country has experienced a steady growth since 2016. In Mexico, the capacity additions planned by the Program for the Development of the Electricity System 2022-2036 were predominately in the renewable energy sector.