The following contribution is from another author.
The eyes of the world have turned towards renewable energy. Its capacity is expected to expand 50% between now and 2024 according to the International Energy Agency. In the same report, the IEA points out that hydropower, wind, and solar projects are growing at their fastest rate in four years.
What are the main renewable energy projections for 2021?
Nowadays, 26% of the world’s supply of electricity comes from renewable energy sources. By the year 2024, this number is expected to increase to 30%. This is possible thanks to the falling cost of technology and much greater concerns over the environment.
Additionally, also by 2024, renewable electricity is expected to grow by 1,200 GW. This is the equivalent of the entire electricity capacity of the United States.
It has been predicted that coal-based power will cease to be profitable by the year 2040. Among other reasons for this trend is, once again, the globalized interest in cleaner, renewable energy sources.
As it is a much more environmentally friendly matter than its grey counterpart, green hydrogen will gain in popularity this coming year. It will slowly become cheaper than fossil fuel due to overall efficiencies in renewable energy and increased awareness of the importance of reducing carbon emissions.
This industry is set to grow by more than a third within the next ten years. It is expected to maintain its position at the forefront in the fight to transform the use of fossil fuels into using renewables
Solar power is expected to become cheaper. It is expected that the United States will double the number of solar installations within the next three years. Other countries such as the United Kingdom and Australia are also set to increase their solar output. The main reason for this trend is the decrease in the prices of solar panels and their installation.
Will solar become more pervasive?
Finding solar panels on all types of structures from homes, buildings, cars, and other items will become much more common. Solar panels and cells will not only represent intelligent building materials but they will start acquiring a fashion sense of their own as users demand that they not only work well but they look well and are aesthetically attractive, adding to the appeal of the place where they are installed.
Will solar become local?
Issues related to long supply chains have made suppliers understand that it makes much more sense to invest in the local production of solar cells. Consumers have raised their voices and demanded that the lifecycle of their solar panels be longer, that they be much more sustainably made, and that their carbon footprint be much smaller. They no longer want any “dirty’ energy associated with the manufacture or transportation of their solar panels.
The transformation has been possible due to the improvement in robotization and digitization. Also, more panels will be reaching the shores of the United States from Europe than from China as factories move closer to their end consumers.
As the COVID-19 pandemic made millions of people around the globe lose their jobs, turning the focus towards a more sustainable future can not only benefit the environment but boost employment. Energy systems based on renewable energies could represent a solid boost to global GDP.