London — Renewable forms of energy, such as wind and solar, are likely to grab a bigger share of the market in the coming decades, generating more electricity than coal by 2040. That’s the conclusion of the International Energy Agency’s (IEA) annual look into supply and demand, according to a report released in Paris on Tuesday. It estimates renewables will reap about two-thirds of $11.3-trillion in investment likely to flow to power plants over the period. The findings show cleaner forms of energy will increasingly become one of the cheapest ways nations can add electricity generators as the cost of wind and solar farms continues to plunge. The scale of the additional capacity is about the same as adding another China and India to the system today and will leave renewables supplying a quarter of the world’s global generation by the end of the organisation’s forecast horizon. "We have been seeing tremendous reductions for solar, for wind, for batteries," said Laura Cozzi, deputy hea...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.