The Best Buy On The Grid Is New Energy

Renewable energy is now the least-cost option in the power sector

August 9, 2020 (REVE)

“…Net additions of renewable power generation capacity are now outpacing net installations of fossil fuel and nuclear power capacity combined. Globally, 32 countries had at least 10 GW of renewable power capacity in 2019, up from only 19 countries a decade earlier. In most countries, producing electricity from wind and solar PV is now more cost effective than generating it from new coal-fired power plants…[But] progress in the power sector is only a small part of the picture. In the heating and cooling sector, and in transport, the barriers are still nearly the same as 10 years ago. Globally, the share of renewables in these sectors is only 10% and 3% respectively. As these sectors are responsible for over 80% of global energy demand, the share of renewables of total final energy demand in all sectors is rising too slowly…

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[And New Energy] is not competing on a level playing field…[F]ossil fuels are still heavily subsidised and funded. From 2017 to 2018, global subsidies for the consumption of fossil fuels rose by 30% to roughly USD 400 billion. This is more than double the estimated support for renewable power generation…In recent years, we have seen plunging costs of renewable technologies, new storage technologies and digitalisation for a better integration between power, heating, cooling and transport sectors. This integration will enable a transition to a world based entirely on renewable energy…At least 100 cities worldwide were reportedly sourcing 70% or more of their electricity from renewables by the end of 2018…” click here for more

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