Renewable energy sources can meet many times the present world energy demand, so their potential is enormous. They can enhance diversity in energy supply markets, secure long-term sustainable energy supplies, and reduce local and global atmospheric emissions. They can also provide commercially attractive options to meet specific needs for energy services (particularly in developing countries and rural areas), create new employment opportunities, and offer possibilities for local manufacturing of equipment.
There are many renewable technologies. Although often commercially available, most are still at an early stage of development and not technically mature. They demand continuing research, development, and demonstration efforts. In addition, few renewable energy technologies can compete with conventional fuels on cost, except in some niche markets. But substantial cost reductions can be achieved for most renewables, closing gaps and making them more competitive. That will require further technology development and market deployment—and boosting production capacities to mass production
