Solar energy, in particular, will contribute to the growth spurt that renewable energy is making as a source for electricity production. Solar energy accounts for 80 percent of that, says the IEA.
“I see solar as the new king of the global electricity markets,” said IEA CEO Fatih Birol. “Based on today’s policy, we are on a schedule of annual records breaking for its use from 2022 onwards.”
Solar energy has a tailwind thanks to increasing scale and subsidies, which reduces costs. According to the IEA, the construction of parks with solar panels is now cheaper in most countries than building a new coal or gas power plant.