Renewables Ready To Take Over In 2050

Renewables could displace fossil fuels to power the world by 2050, report claims

Chloe Taylor, April 25, 2021 (CNBC)

“…[If wind and solar power continue] on their current growth trajectory, they would push fossil fuels out of the electricity sector by the mid-2030s…Current technology gave the world the power to capture 6,700 Petawatt hours (PWh) of power from solar and wind energy, researchers claimed – more than 100 times the amount of energy consumed globally in 2019…[But continued falling costs are] likely to drive exponential growth in the generation of solar and wind power. An annual growth rate of 15% would see solar and wind generating all of the world’s electricity by the mid-2030s and providing all energy worldwide by 2050…

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…[The] cost of solar power had declined by an average of 18% per year since 2010, while wind power prices had fallen by an average of 9% every year…Solar power had grown at an average annual rate of 39% over the last decade, almost doubling in capacity every two years…[and] wind energy had grown in capacity by 17% a year…[But] skepticism persists…Of the world’s 60 largest banks, 33 increased their funding to the fossil fuel sector between 2016 and 2020…

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…[Low-income countries with low energy use in sub-Saharan Africa have] the potential to generate at least 1,000 times more energy than their domestic demand…Those [like Australia, Chile and Morocco with well-developed infrastructure and governance have] the potential to harness at least 100 times more energy than was in demand…[China, India and the U.S. have] the potential to produce enough to satisfy their domestic demand…Japan, South Korea and much of Europe are] “stretched” when it came to tapping their renewable resources…” click here for more

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