The International Energy Agency (IEA) has said in a new report that the falling cost of photovoltaic (PV) technology is likely to make solar power the greatest source of electricity by mid-century, with China and the US taking the lead.
Blue & Green Tomorrow is currently running a crowdfunder to ensure its survival. Please pledge.
IEA said solar could be the world’s largest source of electric power, beating fossil fuels, wind, hydro and nuclear energy – generating up to 16% of the world’s electricity by 2050.
Solar thermal electricity (STE) from concentrating solar power (CSP) plants could add a further 11%, the organisation said. In this scenario, more than 6 billion tonnes of carbon could be prevented from entering the atmosphere each year.
China and the US would likely lead the way in solar development, as already suggested by recent China’s commitment to invest in solar power. Africa, India and the Middle East could also see significant growth.
IEA executive director Maria van der Hoeven said, “The rapid cost decrease of PV modules and systems in the last few years has opened new perspectives for using solar energy as a major source of electricity in the coming years and decades.
“However, both technologies are very capital intensive: almost all expenditures are made upfront. Lowering the cost of capital is thus of primary importance for achieving the vision in these roadmaps.”
IEA says that in order to fully take advantage of the technology, policy-makers must put clear signs in place.
Van der Hoeven added, “Where there is a record of policy incoherence, confusing signals or stop-and-go policy cycles, investors end up paying more for their investment, consumers pays more for their energy, and some projects that are needed simply will not go ahead.”
Photo: R Walker & MountainAsh via Flickr
Like our Facebook Page
Can You Maximize Your Profits While Investing Ethically?
Environmental Benefits of Living in Miami. Why Is It Worth Moving There?
5 Ways To Shift To Green Energy At Home
Advantages of Free-Range Farming for Eco-Friendly Consumers
What is Eco-Friendly Investing and How Can You Embrace It?
Green Software Ideas to Implement with an Offshore Development Team
5 Things Eco-Conscious Consumers Should Know About Private Wells
The True Environmental and Social Costs of Mined Diamonds
20 Incredible Facts Eco-Tourists Should Know About Dubai
5 Massive Benefits of Turning to Renewable Energy
6 Tips For Getting the Most from a Solar-Powered Home
7 Excellent Ways to Live a Greener Lifestyle in 2021
How the Property Industry Is Embracing Eco-Friendliness Across the Board
Sustainability in Construction: Methods to Mitigate Environmental Impacts
New Company is Driving ESG Infrastructure Development in Mining
10 Tips to Turn Your Next Holiday into an Eco-Friendly Celebration
4 Benefits of Commuting with a Bicycle as an Eco-Friendly Consumer
Some Important Facts about Eco-Friendly Glass Railings
Impact Proof of Stake Ethereum Mining on Power Industry Sustainability
7 Business Survival Guidelines All Eco-Friendly Entrepreneurs Must Follow
- Features10 months ago
Eco-Friendly Hacks To Create A Durable Shop For Your Home
- Energy6 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features5 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Features10 months ago
5 Simple Ways To Create A Greener And Healthier Home