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Renewable energy company Statkraft released its fourth annual analysis of global energy trends, saying solar will become the world's largest source
of electricity by 2035 as the cost of renewable energy falls.
According to the report, solar PV is already the fastest growing energy source in the world, thanks to the decreasing production cost of solar panels and the increased
demand for renewable energy.
The lifetime cost of solar PV will fall by about half in the next three decades, while wind energy will be reduced by 40%.
Statkraft estimates that solar PV and wind will account for 70% of total electricity generation by 2050, with renewables accounting for more than
80% of the global power sector.
Henrik Sætness, head of strategy and analysis at Statkraft, said: "Our analysis shows that the price of renewable technologies is falling faster
than most people expect.
In most countries, it is already profitable to install renewable energy when new electricity is needed
.
In sunny and wind-plentiful areas, building new renewables will soon be more promising
than existing coal or natural gas generation.
”
In its global low-emission scenario projection, Statkraft said solar PV production grew by 25% in 2018, while solar energy will meet about 40% of the world's electricity demand
by 2050.
At the same time, wind power will generate about 30% of the world's electricity
as countries phase out fossil fuels such as coal and natural gas.
The company says global electricity demand will double by 2050, while electricity generation from renewables will increase more than
sixfold.
By 2050, the global power sector will complete the transition from coal to decarbonization, and natural gas will become the world's main source of
carbon emissions.
Statkraft said its analysis showed that the best way to decarbonise the UK's energy sector was to deploy solar and wind across the board
.
David, Managing Director of Statkraft UK, said: "Given the government's zero target and increasingly positive political and public sentiment for onshore wind and solar projects, we look forward to investing heavily in the UK to help the country decarbonise
.
”
The company added that falling renewable energy costs will also make it easier to electrify other sectors, such as transportation and buildings
.
Renewable energy company Statkraft released its fourth annual analysis of global energy trends, saying solar will become the world's largest source
of electricity by 2035 as the cost of renewable energy falls.
According to the report, solar PV is already the fastest growing energy source in the world, thanks to the decreasing production cost of solar panels and the increased
demand for renewable energy.
The lifetime cost of solar PV will fall by about half in the next three decades, while wind energy will be reduced by 40%.
Statkraft estimates that solar PV and wind will account for 70% of total electricity generation by 2050, with renewables accounting for more than
80% of the global power sector.
Henrik Sætness, head of strategy and analysis at Statkraft, said: "Our analysis shows that the price of renewable technologies is falling faster
than most people expect.
In most countries, it is already profitable to install renewable energy when new electricity is needed
.
In sunny and wind-plentiful areas, building new renewables will soon be more promising
than existing coal or natural gas generation.
”
In its global low-emission scenario projection, Statkraft said solar PV production grew by 25% in 2018, while solar energy will meet about 40% of the world's electricity demand
by 2050.
At the same time, wind power will generate about 30% of the world's electricity
as countries phase out fossil fuels such as coal and natural gas.
The company says global electricity demand will double by 2050, while electricity generation from renewables will increase more than
sixfold.
By 2050, the global power sector will complete the transition from coal to decarbonization, and natural gas will become the world's main source of
carbon emissions.
Statkraft said its analysis showed that the best way to decarbonise the UK's energy sector was to deploy solar and wind across the board
.
David, Managing Director of Statkraft UK, said: "Given the government's zero target and increasingly positive political and public sentiment for onshore wind and solar projects, we look forward to investing heavily in the UK to help the country decarbonise
.
”
The company added that falling renewable energy costs will also make it easier to electrify other sectors, such as transportation and buildings
.
