Solar energy, officially voted the cheapest renewable energy in history according to a report by the International Energy Agency (IEA)
A report by the International Energy Agency (IEA) confirms what many already suspected: solar energy captured through photovoltaic installations is now so low cost that it is the cheapest renewable energy available to utilities.
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Solar energy, cheaper to obtain than electricity provided by coal-fired power plants
The 464-page IEA report also highlights the "extraordinarily turbulent" impact of the coronavirus and the "extremely uncertain" future of global solar consumption over the next two decades. Reflecting this uncertainty, this year's renewable energy report outlines four “roads” to be followed through 2040, all of which are geared towards a huge increase in the importance of renewable energy sources.
The IEA's main scenario targets solar energy production 43% higher by 2040 than estimated in 2018, in part due to new cost analyzes on renewable energy, which show that solar energy is 20-50% cheaper than previously thought.
Despite the accelerated adoption of renewable energy and the decline in coal use, the IEA considers that it is too early to declare a peak in global oil use unless there is stronger climate action for the use of solar energy. For example, estimates show that demand for fossil fuels could increase by 30% by 2040, unless the strategy to combat global warming is reinforced beyond the targets set so far.
IEA is modeling a scenario that aims for zero-zero CO2 emissions by 2050
For the first time, the IEA is modeling a scenario that aims for zero-zero CO2 emissions by 2050, with the aim of limiting global warming below the 1,5 °C threshold, which is considered the upper limit to avoid the worst consequences. for the ecosystem and, by extension, in human civilization the use of solar energy.
For example, one of the proposed renewable energy changes for the world is to work from home three days a week, thus reducing the need for air-conditioned workspaces in office buildings and the pollution footprint resulting from the use of modes of transport.
A first step towards achieving this seemingly unlikely ideal has already been given by the COVID-19 pandemic, with work from home being re-evaluated in just a few months from being a productivity “killer” to a survival strategy for employees and companies.
