The capacity for renewable power supply is expected to rise by a whopping 50% around the world in five years. This is as a result of the exponential growth in the amount of power produced by power plants in America. Despite the push by President Donald Trump to save the coal industry, it’s demand is at an all-time low of 42%. The massive growth in demand for renewable energy is coupled with falling costs, better environmental policies, and raising awareness of the current climate crisis. All these factors come into play in determining how much the market demands renewable energy
Despite this, the IEA GSR notice that the integration of renewables would still be wanting if there shall be a need to cater for the rising demand. However, with all this in place, it will be a good move towards combating climate change as power companies are rapidly replacing power usage from coal-based sources to renewable energy like solar, wind, and natural gas.
With expectation, however, experts from the US Energy Information Administration lead to believe by next year, American power plants will consume lesser coal than any other time since 1978. This is despite efforts by President Trump to re-establish the coal industry with steps to slash environmental policies
Coal was initially the primary fuel source that provided power for American industries, and renewable sources are steadily making their way into the energy scene. On a global scale, however, coal is still the primary source of power and is likely to remain so for a while according to specialists. Their projection estimated that by 2024, coal would produce 34 % of all global electricity dropping from 40% in 2018.
The rush for renewable energy globally laxed in 2018 for the first time from 1998. This died to a per perceived slow growth of the solar industry in China that led to a fall in renewable energy demand since 2001.
With that in mind, trends are back up this year, with the IEA predicting a 12% rise in demand. This is the highest ever expected in four years. The surge is led by rapid advancement in solar power systems that have seen improvement in efficiency and storage capacity.
This growth is yet expected to rise as it has received global support from European markets. More is yet to be scheduled out of the global renewable power industry. However, the current state of the industry is not able to handle power demands. Experts are optimistic and are confident that with time, the move from fossil fuels to renewable energy will be definite.
This post was originally published on Financial Sector