Energy

While non-renewable energy resources are depleting, the good news is solar energy is showing a promising future. The International Energy Agency’s (IEA) World Energy Outlook 2020 report says that there will be a 23% increase in solar energy use and an 11% increase in the wind by 2040. This projected increase is due to the analysis that solar is 20-50% cheaper.
However, IEA warned that this does not mean that global oil use will have a significant decline unless more aggressive action is pushed towards climate action. Along with the 43% rise in solar use, demand for gas could also rise-up by 30%, except if some global warming policies take a greater stance. One of these policies is the promotion of more sustainable use of energy.
The EIA cost estimation of solar electricity generation technology for developers is …

Read More

The energy crisis is looming ahead. The non-renewable energy resources that are fuel and coal continue to decline while the global economy’s demand for electricity continues to rise.
According to Forbes, electricity demand will rise by 62% and is expected to triple in capacity by 2050. Due to this looming energy crisis and forecast of rising electricity demands, energy investors are shifting their focus to the renewable industry. The International Energy Agency (IEA) reports that while the economy suffered due to COVID-19, the market for renewables is getting stronger.
The forecast says that by 2025, Solar and Wind energy would eventually displace coal as the largest source of the world’s power. The scenario speaks of 130GW of solar will be added each year between 2023-2025 and will continue to accelerate to …

Read More