ENERGY: Solar Power Now The ‘Cheapest Source Of Electricity In History’ — International Energy Agency Says
According to the International Energy Agency, 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 contained in the AEI’s World Energy Outlook 2020, published today.
The report 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.
Despite a more rapid rise for renewables and a “structural” decline for coal, the IEA says it is too soon to declare a peak in global oil use, unless there is stronger climate action. Similarly, it says demand for gas could rise 30% by 2040, unless the policy response to global warming steps up.
This means that, while global CO2 emissions have effectively peaked, they are “far from the immediate peak and decline” needed to stabilise the climate.
The IEA says achieving net-zero emissions will require “unprecedented” efforts from every part of the global economy, not just the power sector.