The International Energy Agency (IEA) predicts that renewable energy will become the world’s largest source of electricity generation by 2025, and by 2040 is expected to account for 80% of global electricity generation with solar and wind power now the cheapest sources.
- This is due to:
- Falling costs: The cost of renewable energy has fallen dramatically in the last few years, making them more competitive with fossil fuels
- Government support: Many Governments around the world are providing financial and regulatory support for renewable energy development
- Public support: Public support for renewable energy is growing, as people become more aware of the environmental and economic benefits of these technologies, and the potential savings
There are a few challenges that need to be addressed to make renewable energy truly predominant. The main ones are:
- Storage: Renewable energy storage technologies are still under development, but more frequently now wind farms are deployed with an integrated storage solution.
- Grid infrastructure: The electricity grid needs to be upgraded to accommodate the increasing amount of renewable energy. This includes building new transmission lines and substations. Governments have a role here in facilitation through regulatory changes.
The momentum for renewable energy is strong. Governments, businesses, and consumers are all increasingly recognizing the benefits of these technologies.
Some experts believe that renewable energy could become predominant even sooner than 2040. A report by the Breakthrough Institute predicts that renewable energy could account for 90% of global electricity generation by 2030. This is possible only if governments continue and increase support for renewable energy development.
Overall, it’s clear that renewable energy is on the rise and is likely to take the lead in the power generation sector in the coming decades.
Now for a bit of comedy – if you like your satire in the same vein as John Oliver on Last Week Tonight:
Tony Franks 