A French agency has released a statement that it believes renewable energy will become coal’s biggest rival for the world’s biggest electricity supplier by 2035.
The Paris-based International Energy Agency serves as an energy adviser to nearly 30 countries around the world. It sees a lot of potential for the wind farms, solar parks and hydroelectric dams that have become increasingly competitive with traditional energy sources.
Already renewable sources are on track to be the second biggest power generator in the next three years; the prediction that by 2035 they will rival coal is no longer just a pipe dream as government subsidies continue to favor clean energy and the cost of technology becomes more competitive.
“A steady increase in hydropower and the rapid expansion of wind and solar power has cemented the position of renewables as an indispensable part of the global energy mix,” the IEA said in its annual outlook, released today.
“The rapid increase in renewable energy is underpinned by falling technology costs, rising fossil-fuel prices and carbon pricing, but mainly by continued subsidies,” it continued.
Although solar and wind manufacturers are struggling around the world with the rapidly changing market demands, renewable energy experts still forecast a huge increase in wind and solar installations.
Wind power installations for example are predicted to double between now and 2016; solar has an even more aggressive outlook with experts believing that solar photovoltaic installs will triple.