Renewable energy: a strategic policy for sustainable development

There is ample evidence of underproduction of renewable energy across the world, in spite of there being the necessary resources to produce RE, including technology and finance. It seems politicians and law-makers have yet to be persuaded about the importance of renewable energy to solve the problem of
energy security and sustainable development and to act on it seriously. As a matter of fact, renewable energy sectoral investment is highly correlated to the international oil price movement. This further proves the continued myopic views
of the law-makers about the spectrum of benefits that renewable energy brings. Hence, a lack of steady policy support for renewable energy is not only jeopardising the matured development of this promising market but also stopping the world from taking advantage of using it for multipurpose benefits including its use as a risk hedging instrument in the increasingly uncertain conventional energy market.