Renewable energy is set to rival coal as the main generator of the world’s electricity by 2035 as the costs of technology fall and subsidies rise, the International Energy Agency said.
Wind farms, solar parks and hydroelectric dams are forecast to become the second biggest power generator in 2015 and rise to almost a third of all generation in 2035, a level approaching that of coal, the Paris-based agency that advises 28 nations on energy policy said today in its annual outlook.
“A steady increase in hydropower and the rapid expansion of wind and solar power has cemented the position of renewables as an indispensable part of the global energy mix,” the IEA said. “The rapid increase in renewable energy is underpinned by falling technology costs, rising fossil-fuel prices and carbon pricing, but mainly by continued subsidies.”
Renewable energy industry groups predict wind power installations will double over the five years through 2016, with solar photovoltaic panels tripling.
Read more: Bloomberg News >>
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