Clean energy will almost double its share of global electrical generation by the end of the next decade, the International Renewable Energy Agency anticipates, but the outlook is dimmer for renewable fuels for transportation and heating.
Tumbling prices for photovoltaic solar, in particular, are pushing greater renewable penetration in electric power production, explained IRENA’s Director General Adnan Amin, in an interview on Bloomberg TV. “We anticipate with lower technology cost, by 2030 we’re going to have renewables capacity in the global power system at around 40%, which is quite remarkable growth.” Renewables currently stand at 22% of total generation.
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Most of the gain will be at the expense of coal, rather than oil, Amin implied, noting that oil currently produces only about 5% of the world’s electricity.
A bigger challenge for clean energy, he said, will be taking market share from oil as a transportation fuel, and for heating and cooling. While the electrification of mobility is seeing “a lot of momentum,” the IRENA chief observed, low crude oil prices have curbed investments in biofuels.