Renewable electricity’s global supplies are growing more swiftly than expected & could increase by 60% in the following five years, driven by a revival in solar energy. The International Energy Agency (IEA) ensures steadfast, cheap & energy which is clean for its fellow countries. It focuses on the security of energy, awareness about the environment & engagement globally. IEA this research, and they found out that wind, solar & hydropower projects are developing at a fast rate in 4 years. Its newest report forecasts that by 2024, a new beginning for economical solar power, Earth’s solar capability will rise by 700 GW, twice Japan’s installed total electricity capacity. Complete, renewable energy is expected to rise by 1,300GW in the following five years, the equal of the entire electricity capacity of the United States.
Mr.Fatih Birol, who is the executive director of IEA, said that this is a crucial time for energy, which is renewable, and he also noted that technologies such as wind & solar PVs are at the core of transformation which is occurring across the universal energy system. A British newspaper reported that in this month that renewable energy could terminate the world’s increasing demand for coal & oil in 2020. Renewable energy resources constitute 27% of the electricity today, but IEA says that the share is probably to reach 35% in 2024. The International Energy Agency believes that solar energy will play a significant role in starting new growth in renewable energy globally for the reason that the dropping costs are already under retail prices in most nations.
The price of solar power is probably to drop by 16% to 36% by 2024, encouraging growth. A large number of companies will rely on solar energy to save electricity bills. The number of solar panels on houses is also expected to double around 150m rooftops by 2024. Even after this vast growth of the solar, which is expected for the next five years, the solar panels will be only 7% of the earth’s rooftops. Renewable energy is the second-largest source of electricity on the planet, but their utilization still needs to speed up if we want to achieve climates long term growth, air quality & energy access.