But there is concern some markets could be left further behind. This increased competition should speed up development of nascent green technologies and accelerate the energy transition. Major economies, including the European Union, China and India, have stepped up investment and raised renewables targets in response. It offers various incentives, credits and grants for the development and commercialization of green technologies and has sparked a race to the top among international markets eager to boost the competitiveness of their renewables sectors. Markets around the world are passing laws to boost domestic renewables generation and enhance energy security, with the US Inflation Reduction Act the most significant legislation to date. As a result, developing policies to encourage the buildout of - and investment into - renewables has risen rapidly up government agendas. Geopolitical events, and subsequent actions taken by governments, have made markets increasingly aware of the issues posed by reliance on imported energy, global competition for gas supply, and legacy pricing links between natural gas and renewables. The global renewables industry is set to take a gigantic leap forward, as the push for energy security and a recessionary environment combine to create an ideal investment climate.
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