More than a quarter of global electricity is generated from renewables, with solar the third largest source according to an annual overview drafted by global policy network REN21. Despite a year-on-year fall, solar accounted for the majority of generation capacity additions last year. But a lack of decarbonization policies across the heating, cooling and transport sectors puts a patchy energy transition in prospect.
A BloombergNEF analysis states that global wind and solar PV installations have reached a trillion watts, for the first time. While this milestone took the industry 40 years, the second trillion watts are expected to be installed in five years, in 2023, with the help of storage. The investment costs required to install one trillion watts are also expected to half.
Renewable energy has made great strides in electricity generation but the integration of renewables in the heating, cooling and transport sectors is still in its infancy. With those sectors making up around two thirds of global energy demand, there is still enormous potential to harness PV and other technologies.
With 161 GW installed, last year was a record 12 months for global renewable additions, finds the annual overview of the state of renewable energy drafted by REN21. Solar PV accounted for around 47% of the capacity added.
More than 70% of 114 global energy experts interviewed in REN21 Renewables Global Futures Report believe global transition to 100% renewable energy is feasible. However, challenges remain fiercest in areas of transport and larger economies.
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