A new report indicates that the globe will require an average rate of 53 gigawatts solar PV yearly from between 2013 and 2020, in order to curb the deadly global warming.
Based on this report, Global Invest Bank Citigroup is currently the most recent authoritative body to caution us of the high cost – “economic and environmental”- of inactivity on global warming action, and to evaluate the economic importance of transitioning to clean energy technology, transport and industrial technologies.
Energy markets – since the single largest cause of global warming- are of big interests. Based on the analysis from Citi’s action, we will require to add several renewable energy to the global energy mix to be able to curb deadly climate change- and a majority of such clean technology should be solar PV.
“In comparison with our Citi ‘Inaction’ scenario, the carbon intensity of the electricity mix drops in our Citi ‘Action’ scenario from 0.54t (CO2e)/MWh to 0.25t (CO2e)/MWh due to the shift in electricity mix (Figure 69),” the Citi report, published on Tuesday, says.
“In 2040 we estimate that 15.4GTCO2e per year is being saved between both our scenarios. Two-thirds of these savings relate to investments into solar PV and onshore wind while the remaining third is due to energy efficiency investments.”
Citi indicates that a major difference between its predictions for the clean technology development and those from the International Energy Agency (IEA) is presumed integration in the energy mix. Particularly, it indicates that its Citi’s “Action” scheme, its predictions for the solar photovoltaic divert largely from those of International Energy Agency.
“Our granular country by country solar PV forecasts show an average installation rate of 53GW per annum 2013-2020,” the report says. “This compares to 33-34GW installations by the IEA (lower bound New Policy scenario, upper bound 450 scenario).”
Citi states that based on the swift decline in the price of electric power from clean energy it anticipates that solar PV will be competitive with traditional fossil fuels by 2030; “and hence there is theoretically no need for further incentives via a carbon price in the power market alone.”
S. Vorrath, 18 August 2015. World must add 53GW solar PV a year to address climate change: http://reneweconomy.com.au/2015/world-must-add-53gw-solar-pv-a-year-to-address-climate-change-16400. [Accessed: August 21, 2015]
AUTHOR: DOUGLAS YEBOAH