Solar energy, driven by continuous cost reductions, will become the main driver of the growth of renewables, setting new records for deployment each year, from 2022 to 2040. This is what the IEA (International Energy Agency) report pointed out.
“I see solar energy becoming the new king of global electricity markets,” said Fatih Birol, executive director of the IEA.
“If governments and investors intensify their clean energy efforts in line with our sustainable development scenario, the growth of solar and wind energy would be even more spectacular and extremely encouraging for overcoming the global climate challenge,” Birol added.
According to the annual report World Energy Outlook, renewables will account for 80% of the growth in global electricity production over the next decade. The study also found that global coal use will never return to previous levels. By 2040, coal's share of global energy demand is expected to fall below 20% for the first time in energy history.
“Only faster structural changes in the way we produce and consume energy can break the emissions trend for good. Governments have the ability and responsibility to take decisive action to accelerate clean energy transitions and put the world on track to achieve our climate goals, including net-zero emissions,” Birol concluded.
