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Solar energy is the cheapest form of energy in history – this is confirmed by the International Energy Agency (IEA) in its World Energy Outlook 2020. An upward trend in green energy is therefore not only likely, but actually already certain. Joachim Goldbeck, Managing Director of GOLDBECK SOLAR, also welcomes this forecast.
Every fall, the IEA publishes its Energy Outlook, in which it takes a close look at the global energy world. Due to the coronavirus crisis, this year’s document was particularly eagerly awaited. This is because the pandemic has turned the energy world upside down. On the one hand, demand for fossil fuels collapsed and, on the other, greenhouse gas emissions fell significantly. For the IEA, this is a clear indication of an imminent turnaround. While fossil fuels and nuclear power are losing importance, the agency anticipates higher growth in renewable energies. The International Energy Agency is forecasting 9,000 terawatt hours of electricity from coal in 2040, compared to 10,300 terawatt hours two years ago. Conversely, the IEA anticipates a 12 percent increase in renewable energies in 2040, which would mean a good 18,800 terawatt hours of electricity instead of 16,700 terawatt hours.
A closer look at the details brings solar energy into focus. Here, the IEA estimates that the global electricity supply will be an incredible 43% higher than two years ago. “The forecast proves that solar energy will play a key role in the energy transition,” says Joachim Goldbeck. In contrast to other forms of renewable energy, this is where the greatest growth can be seen. This is because the IEA has often neglected the rapid technical development in photovoltaics in particular in its reports.
“Technological progress is continuously advancing photovoltaics and making energy generation even more efficient,” begins Joachim Goldbeck. “This certainly explains the IEA’s current assessment, but also underlines the importance of solar energy for global power generation. The IEA has regularly predicted a growth plateau in recent years. In reality, however, this was not the case. Instead, a steady upward trend is discernible.”
The fact that the IEA describes solar energy as the new king on the global energy markets is primarily due to the lower costs of photovoltaics, which the energy agency assumes. “Solar systems are becoming cheaper and cheaper,” says Joachim Goldbeck. “That makes them more attractive to a wider audience.” And, of course, climate policy goals also play a role. After all, meeting the targets of the Paris Climate Agreement can only be achieved if fossil fuels disappear or are reduced. And this can only be achieved with renewable forms of energy such as photovoltaics.
