21 Oct 2019
A report by an energy agency illustrated how the growing awareness on the importance use of renewable energy is paying off. Renewable electricity is predicted to be growing by 50% within the next 5 years. Solar energy is again being the preferred source of renewable energy.
Solar, wind and hydropower projects are increasing at a fast pace – the fastest in 4 years. Research carried out by the International Energy Agency (IEA) highlighted the potential growth for solar power. The latter could lead the world’s solar capacity to expand by 600GW by 2024. Therefore, this would help renewable electricity to reach the total electrical capacity of the U.S. in 5 years, as it is estimated to grow by 1,200GW.
It was previously reported that activists and companies are pushing for a renewable energy revolution to minimise and end the use of oil and coal throughout the 2020s. IEA’s executive director, Fatih Birol described this as “a pivotal time for renewable energy.” He added, “Technologies such as solar photovoltaics (PV) and wind are at the heart of transformations taking place across the global energy system. Their increasing deployment is crucial for efforts to tackle greenhouse gas emissions, reduce air pollution, and expand energy access.”
Currently, 26% of the world’s electricity is generated from renewable energy sources but the IEA predicts that the figure will be closer to 30% by 2024. Solar energy will be playing a major role during this growth due to falling prices. In 2024, it is estimated that solar power costs will fall by 15% to 35%.
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