The contest for clean energy has exceeded the turning point. Each year, the planet earth keeps increasing its renewable energy capacity than that of oil, natural and coal. And we are not going to move backwards, but always forward.
This whole transition started in 2013, during when the globe included 143 gigawatts of renewable energy capacity, in contrast to 141 gigawatts of fossil fuel plants; this is based on the analysis from Bloomberg New Energy Finance annual Summit in NY.
The transition will continue to increase, and it is also expected to rise over by 2030.
“The electricity system is shifting to clean,” Michael Liebreich, founder of BNEF, said in his keynote address. “Despite the change in oil and gas prices there is going to be a substantial buildout of renewable energy that is likely to be an order of magnitude larger than the buildout of coal and gas.”
The cost of solar and wind energy keep dropping and is currently cheaper than electricity grid across many parts of the globe.
Last year, a group of researchers from UNSW transformed more than 40% of the overall solar radiation falling on the solar panels into electricity- making it the highest efficiency recorded so far.
“We’re not far off from the day when I can ask you how many of you no longer have a grid connection,” former Vice President Al Gore said in his address at Bloomberg New Energy Finance, according to Climate Central.
“The only thing you can get out of defection is a sense of independence,” Liebreich informs Climate Central. “You will the rest of the year produce a surplus… You need to sell that and you need a wire.”
Currently, solar energy is about 1% of the world’s electricity source, but by 2050, solar energy could be the planet’s largest source of electricity, based on the analysis by International Energy Agency.
The issue is how long it will take and not if the world will shift to renewable energy. Below is a graph from Bloomberg New Energy Finance predicting the billion dollars that will be pumped into the economy in order to get rid of the setbacks of climate change, shown by a standard above 2 degrees Celsius.
The line in BLUE represent what is required in billions; those in RED indicates what is actually being spent. According to Bloomberg New Energy Finance, funding has fallen well short of the target, ever since the financial difficulties.
Tom Randall, August 15, 2015. Fossil Fuels Just Lost the Race Against Renewables. http://www.bloomberg.com/news/articles/2015-04-14/fossil-fuels-just-lost-the-race-against-renewables. [Accessed on August 19, 2015]
AUTHOR: DOUGLAS YEBOAH