November 16, 2017 Read More →

International Energy Agency Acknowledges Momentum in Wind and Solar

Bloomberg News:

Renewable forms of energy such as wind and solar are likely to grab a bigger share of the market in the coming decades, generating more electricity than coal by 2040.

That’s the conclusion of the International Energy Agency’s annual look into supply and demand, according to a report released on Tuesday in Paris. It estimates renewables will reap about two-thirds of $11.3 trillion in investment likely to flow to power plants over the period.

The findings show cleaner forms of energy will increasingly become one of the cheapest ways nations can add electricity generators as the cost of wind and solar farms continues to plunge. The scale of the additional capacity is about the same as adding another China and India to the system today and will leave renewables supplying a quarter of the world’s of global generation by the end of the organization’s forecast horizon.

“We have been seeing tremendous reductions for solar, for wind, for batteries,” said Laura Cozzi, deputy head of energy economics at the IEA. “That’s what’s going to keep happening more and more going forward. We are seeing growing electrification happening throughout the energy sector.”
Electricity drew more investment than fossil fuel supply last year for the first time, marking a pivot to a future with more industry and buildings running on power instead of fuels. This trend is expected to accelerate to 40 percent of the growth in the final consumption of energy to 2040. That’s similar to the role that oil has played in the energy system over the past 25 years, the IEA said.

Comments are closed.