Renewable energy slated for major growth around the worldJune 28, 2013
Renewable energy may soon surpass natural gas and nuclear power
The International Energy Agency has released a new report concerning the world’s transition away from fossil-fuels toward renewable energy. The report offers a prediction regarding natural gas and nuclear power and when these two forms of power will be replaced by renewable energy systems. Natural gas is often considered the bridge leading from fossil-fuels to renewable energy, but the growing popularity of renewables is beginning to outpace the interest that many parties have in natural gas. Renewables may soon exceed the capabilities of nuclear energy as well, especially as more countries around the world withdraw their support of nuclear power.
Report highlights the growth of renewables
According to the International Energy Agency, the electrical power generated by renewable energy systems is on track to exceeding that generated by natural gas and nuclear power by 2016. Renewables are beginning to outpace natural gas and nuclear power due to the large amount of support they have been receiving recently. Currently, the most popular renewables are solar and wind energy, both of which have proven their ability to produce large amounts of electrical power relatively reliably.
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Renewable energy to account for 25% of world’s power by 2018
The report shows that renewable energy is the fastest growing sector in the global energy market. The report suggests that renewable energy will account for 25% of all electrical power generation throughout the world by 2018. Solar and wind energy are predicted to lead the charge, especially as more countries increase their support of these two forms of energy.
Non-developed countries to lead growth of clean power
Notably, renewable energy is expected to see the greatest growth in non-developed countries. These countries have been showing more interest in renewable energy because of the economic prospects it represents. Renewable energy could help these countries break their reliance on fossil-fuels, much of which comes from foreign countries at a high cost. The report also shows that China is likely to see the greatest growth in the renewable energy sector, accounting for approximately 40% of new renewable energy capacity globally by 2018.