The world’s best solar power schemes now offer the “cheapest…electricity in history” with the technology cheaper than coal and gas in most major countries. That is according to the International Energy Agency’s World Energy Outlook 2020. The 464-page outlook, published today by the IEA, also outlines the “extraordinarily turbulent” impact of coronavirus and the “highly uncertain” future of global energy use over the next two decades. Reflecting this uncertainty, this year’s version of the highly influential annual outlook offers four “pathways” to 2040, all of which see a major rise in renewables. The IEA’s main scenario has 43% more solar output by 2040 than it expected in 2018, partly due to detailed new analysis showing that solar power is 20-50% cheaper than thought.
Carbon Brief 13th Oct 2020 read more »
Solar is the “new king” of electricity, the International Energy Agency has said, with the asset class set to deploy more new capacity then any other technology each year for the coming decades. In its flagship World Energy Outlook report, published today, the IEA reflects on COVID’s impact on the energy economy before glancing forward to forecast the sector’s health and shape out to 2040. Having already teased that solar would become the pre-eminent source of power in Europe in years to come, today the IEA has said solar PV, driven by continued cost reductions, will become the main driver of renewables growth, setting new records for deployment in each year from 2022 until 2040.
PV Tech 13th Oct 2020 read more »
Energy Live News 13th Oct 2020 read more »
Solar power is set to boom over the next decade as renewables cover the majority of any increase in global demand for electricity, the International Energy Agency has said. The industry watchdog has also predicted that energy demand will grow at its slowest rate since the 1930s over the decade if Covid-19 is not brought under control as soon as next year. In the latest IEA analysis of the pandemic’s impact, the group predicts that global energy demand is set to drop by 5pc in 2020, energy-related CO2 emissions will fall by 7pc, and energy investment by 18pc. Renewables are expected to meet 80pc of global electricity demand growth over the decade, the group said. Hydropower will remain the largest renewable source, but solar will be the largest growth area for energy, followed by onshore and offshore.
Telegraph 13th Oct 2020 read more »
Solar power will become “the new king of the world’s electricity markets” because it is cheaper than coal or gas-fired power stations in most countries, the International Energy Agency has said. Renewables will meet 80 per cent of the growth in electricity demand over the next decade, with solar accounting for the biggest driver of growth, followed by onshore and offshore wind, according to the agency. In its annual World Energy Outlook, the IEA also issued an updated assessment of the impact of the coronavirus pandemic on energy markets. It forecast that this year there would be a 5 per cent drop in global energy demand, resulting in a 7 per cent drop in energy-related carbon dioxide emissions. There also would be an 18 per cent drop in energy investment as companies tightened their belts in response to lower prices. The agency said that on present policies, energy demand would not return to pre-pandemic levels until 2023, or until 2025 if the virus outbreak was more prolonged. Coal demand would never recover, while oil demand would plateau within the next decade, it said.
Times 13th Oct 2020 read more »