More than half world’s power to come from solar in 50 years

In a remarkable prediction from independent energy agency, the percentage of the world’s power to be supplied by solar has been vastly increased. Previous IEA’s forecasts envisaged solar, through photovoltaics and solar-thermal, providing only about 21 percent of the world’s needs by 2050.

"Photovoltaic and concentrated solar power together can become the major source of electricity," Cedric Philibert, senior analyst in the renewable energy division at the Paris-based agency said to Bloomberg. In the interview recorded on August 26, Philibert continued, "You’ll have a lot more electricity than today but most of it will be produced by solar-electric technologies."

The predictions will be published in an IEA report later this year. The IEA was founded in the wake of OPEC oil crises of the 1970s and has many of the world’s biggest economies are amongst its 28 member countries.

Bloomberg went on to say that the IEA scenario, "suggests investors able to pick the industry’s winner may reap significant returns as the global economy shifts away from fossil fuels."