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The International Energy Agency says that solar generators are cheaper than new coal or gas power plants in most countries.
Solar production is expected to lead an increase in renewable energy supply in the next 10 years, the International Energy Agency said, and renewables are estimated to account for 80 percent of the growth in global electricity generation in the actual conditions.
In its annual World Energy Outlook released on Tuesday, the IEA said that in its central scenario, reflecting already announced political intentions and goals, renewables are expected to overtake coal as the main means of electricity production by 2025.
The combined share of solar photovoltaic (PV) and wind power in global generation will rise to nearly 30 percent in 2030 from 8 percent in 2019, he said, and solar photovoltaic capacity will grow by an average of 12 percent a year. .
“I see that solar energy will become the new king of the world’s electricity markets,” said IEA Executive Director Fatih Birol. “Based on current policy settings, it is on track to set new implementation records every year after 2022.”
Mature technology and government support mechanisms have lowered financing costs for major solar PV projects, the IEA said, helping lower overall production costs. Photovoltaic solar power is now cheaper than new coal or gas power plants in most countries, he said.
Power generation from renewables is the only significant source of power that continued to grow in 2020, the Paris-based agency added.
A more ambitious scenario, including, for example, the adoption of net zero emissions targets by 2050, would make PV electricity generation perform even stronger, according to the report.
Despite the rise in solar and wind power, carbon emissions are projected to rise in 2021 after a 2.4 gigaton (Gt) drop in 2020, and exceed 2019 levels in 2027 before growing to 36 Gt in 2030, he added.
The IEA said that in many cases gaps persist between long-term ambitions and specific short-term plans to curb emissions.
The integration of new wind and solar energy will depend on adequate investment in all parts of the system, including distribution networks, the report adds.
But revenue shortages, which could stem from lower-than-expected demand, non-payment of bills, or deteriorating finances for utilities in developing economies, could make power grids a weak link.
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