Oil Still Reigns, but Renewables Pressure and Gain More Space in the Global Market

Escrito por Roberta Souza

Publicado em 11/12/2020 às 18:34

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The Energy Scenario Is Still Dominated by Oil, but Renewable Sources like Solar Are Gaining Ground in the Market

Today, in the global energy landscape, fossil fuels like oil, natural gas, and coal still dominate the market, but renewable energy sources are widely gaining their space. An example of this progress is solar panels, which increased from 217 GW of installed capacity worldwide to 578 GW.

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Nicolas Berghmans from the IDDRI study center states that “Fossil fuels remain dominant, but the dynamics clearly favor renewable electricity.”

According to data from the International Renewable Energy Agency, in recent years, solar panels have rapidly grown, increasing from 217 GW of global installed capacity in 2015 to 578 GW in 2019. This is more than double Russia’s total energy production capacity in 2015.

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Fossil fuels faced challenges this year, mainly from solar and wind power generation in the United States and China. Renewables account for nearly 90% of new capacity.

Nicolas further states that renewables will surpass coal by 2025 and become the primary source of electricity generation.

“We haven’t seen much reduction in renewable electricity development during the crisis, and this may be due to falling costs, which make it competitive, but also because public support has been maintained.”

The oil and its derivatives scenario was strongly affected by government restrictions to limit the spread of the coronavirus, severely hitting the transportation sector.

Prices also took a significant hit: although one of the major contracts fell to pre-pandemic levels, for a brief period, it dropped below zero. Demand is expected to recover with the global economy’s recovery next year.

Oil Still Reigns, but Renewables Pressure and Gain More Space in the Global Market

The Energy Scenario Is Still Dominated by Oil, but Renewable Sources like Solar Are Gaining Ground in the Market

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Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

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Oil Still Reigns, but Renewables Pressure and Gain More Space in the Global Market

The Energy Scenario Is Still Dominated by Oil, but Renewable Sources like Solar Are Gaining Ground in the Market

Check Out Other News:

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

The world’s first octopus farm wants to open in the Canary Islands and is already provoking an international reaction: the plan aims to produce 3,000 tons per year.

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Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state wants to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

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A bright yellow mushroom imported from Asia escaped from a cultivation farm in the United States in 2010 and is now aggressively spreading across 25 states, destroying entire communities of native fungi in American forests.

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