Although hydropower remains the largest renewable source, solar is predicted to grow astronomically in the next decade, followed by onshore and offshore wind.
In the latest World Energy Outlook report, the IEA (International Energy Agency) found that solar projects are offering some of the cheapest electricity ever seen and solar power is now consistently cheaper than new coal or gas-fired power plants in most countries.
Executive Director of the IEA, Dr Fatih Birol, stated: “I see solar becoming the new king of the world’s electricity markets. Based on today’s policy settings, it is on track to set new records for deployment every year after 2020.”
This news comes as part of a report which found that global energy demand in 2020 fell by 5%, while energy-related carbon dioxide emissions dropped by 7%, and energy investment by 18%.
The IEA reports that these decreases can be attributed mostly to COVID-19 which caused “more disruption than any other event in recent history”. However, whether the pandemic positively or negatively impacts the UK’s target to reach international climate goals will be dependent on the government’s response, the Agency claims.
Dr Birol announced: “If governments and investors step up their clean energy efforts in line with our Sustainable Development Scenario, the growth of both solar and wind would be even more spectacular”.
Click here to read the full story.