Renewables to Rival Coal for Power Generation in 2035 [View all]
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.
By 2017, all the allowable emissions will be locked in if no action is taken to slash carbon dioxide, the IEA said. The world could postpone that lock-in by five years to 2022 through the “rapid deployment” of energy-efficient technologies, it said. That would buy time to secure a global agreement to slash greenhouse gases, according to the agency.
Investment of $11.8 trillion in existing energy-efficient technologies could be more than offset by reduced need for spending on fuel, and could help boost cumulative global economic output over that period by $18 trillion, the IEA said.