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

Written by Roberta Souza

Published on 11/12/2020 at 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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Oil Still Reigns, but Renewables Pressure and Gain More Space in the Global Market

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