According to the International Energy Agency (IEA), renewable energy will witness a 80% growth in global electricity generation mix, with solar leading the way.
In its annual World Energy Outlook, the IEA said in its central scenario – which reflects policy intentions and targets already announced – renewable energy is expected to overtake coal as the primary means of producing electricity by 2025.
The combined share of solar photovoltaic (PV) and wind in global generation will rise to almost 30 per cent in 2030 from 8 per cent in 2019, it said, with solar PV capacity growing by an average 12 per cent a year.
Maturing technology and support mechanisms have cut financing costs for major solar PV projects, the IEA said, helping to bring down output costs overall.
Solar PV is now cheaper than new coal- or gas-fired power plants in most countries, it said.
Despite the increase in solar and wind power, carbon emissions are projected to pick up in 2021 after a 2.4 gigatonne (Gt) drop in 2020, and to exceed 2019 levels in 2027 before growing to 36 Gt in 2030, it added.
Integrating new wind and solar power will depend on adequate investment in all parts of the system, including distribution networks, the report added.
Reference- Reuters, IEA website & Report, Mercom India