Solar energy has become the “new king’’ of the world’s electricity markets, as it has successfully withstood the COVID-19 crisis and is forecast to grow significantly over the coming years.
Head of the International Energy Agency (IEA), Fatih Birol, said on Wednesday, February 17, 2021.
“There was only one energy source which was immune to COVID and it was renewables.
Renewables, in spite of the COVID, we have seen an increase in solar and wind energy in many countries around the world.
“And solar is doing so strongly, I have nicknamed solar as the new king of global electricity markets,’’ the IEA Executive Director said at the Symposium on Energy Outlooks, held jointly with OPEC and the International Energy Forum (IEF).
While fossil fuels took a body blow in 2020 amid the pandemic, renewable sources of energy were still forecast to enjoy a six per cent increase in power capacity, according to the IEA.
At the same time, renewable are forecast to overtake coal to become the largest source of electricity generation by 2025 with a share of 33 per cent, while in 2021 renewables will enjoy a record of 10 per cent hike in capacity additions, the IEA said in 2020.