In this article, the contribution of renewable energy sources (RES) to the worldwide electricity production was analyzed. The scale of development and the importance of RES in the global economy as well as the issues and challenges related to variability of these sources were studied. In addition, the chemical conversion of excess energy to renewable methanol has been presented. The European Union regulations and targets for the years 2020 and 2030 concerning greenhouse gases reduction were taken into consideration. These EU restrictions exact the further development of renewable energy sources, in particular, the improvement of their efficiency which is closely related to economics. Moreover, as a part of this work, energy storage were described as one of the ways to increase the competitiveness of renewable energy sources with respect to conventional energy. A method for the conversion of carbon dioxide separated from high-carbon industries with hydrogen obtained by the over-production of green energy were described. The use of methanol in the chemical industry and global market have been reviewed and thus an increasing demand was observed. Additionally, the application of renewable methanol as fuels, in pure form and after a conversion of methanol to dimethyl ether and fatty acid methyl esters has been discussed. Hence, the necessity of modifying car engines in order to use pure methanol and its combination with petrol also was analyzed.