“The question is no longer if the world will transition to cleaner energy, but how long it will take.” – Bloomberg New Energy Finance Summit.
‘The Beginning of The End’
In recent weeks the energy market has seen a massive shift in support of replacing fossil fuels as our main source of power with renewable energy; which includes technologies such as wind, solar pv and biomass. This surge in support has come from recent figures released by BNEF which pinpoints the exact shift where renewable energy became a more popular choice than fossil fuels. In 2013 the world added 141 gigawatts in new plants that burn harmful fossil fuels. In the same year, however, 143 gigawatts in plants that utalise renewable energy to create clean energy were added to the world energy market; making 2013 the ‘beginning of the end’ for fossil fuels.
The BNEF also predicted in the same statement that this shift will continue in favour of renewable energy and by 2030 roughly four times the amount of renewable energy capacity will be installed than there is currently. Whilst wind technology is the biggest source of renewable energy right now, it would see a much more medium role in providing total energy capacity, with hydro and solar being the two biggest suppliers in the near future.
Renewable Energy Will Triumph
The prices of renewable energy units continues to plummet and even now wind and solar have matched or beat the prices of grid electricity in some parts of the world. Even hydro is now beginning to crop up more and more as an extremely viable way to provide electricity all over the world including the recent success story in Costa Rica where hydro technology allowed them to run on 100% renewable energy for three months. Even in the U.K. hydro is starting to attract attention.
According the International Energy Agency although solar technology accounts for less than one percent of total energy capacity in the world, by 2050 it will be one of the biggest methods of providing electricity.
So, whilst fossil fuels are still our biggest source of energy, it really is just a matter of time before renewable energy takes over as our main source of power.