As part of the Paris agreement nearly 200 countries, rich and poor, pledged to cut or curb the greenhouse gas emissions they produce through the burning of fossil fuels or the cutting of forests. Countries also pledged to create the Green Climate Fund, mobilizing $100 billion by 2020 from both public funds and private industry to help the poorest nations.
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Climate change and global warming concerns, coupled with high oil prices, peak oil, and increasing government support, are driving increasing renewable energy legislation, incentives and commercialization. New government spending, regulation and policies helped the industry weather the global financial crisis better than many other sectors. According to a 2011 projection by the International Energy Agency, solar power generators may produce most of the world's electricity within 50 years, reducing the emissions of greenhouse gases that harm the environment.
Photovoltaics were initially solely used as a source of electricity for small and medium-sized applications, from the calculator powered by a single solar cell to remote homes powered by an off-grid rooftop PV system. Commercial concentrated solar power plants were first developed in the 1980s. The 392 MW Ivanpah installation is the largest concentrating solar power plant in the world, located in the Mojave Desert of California.