Fossil Fuels vs. Renewables, Who’s Winning
According to Bloomberg Business, the world is now adding more capacity for renewable power each year than coal, natural gas, and oil combined. Energy forecasters now believe that it’s no longer a question of if the world will transition to cleaner energy, but how long it will take.
The International Energy Agency says solar could be the world’s biggest single source by 2050, despite making up less than 1 percent of today’s electricity market. According to the Riverside Press-Enterprise, last year California received more than 5 percent of its electricity from the sun, leaving the rest of the country far behind in solar-power production.
According to an analysis from the Bloomberg New Energy Finance (BNEF) annual summit in New York, the energy shift occurred in 2013. That year the world added 143 gigawatts of renewable electricity capacity, compared with 141 gigawatts in new plants that burn fossil fuels. Further analysis calls on the the shift to accelerate, and by 2030 more than four times as much renewable capacity will be added.
“The electricity system is shifting to clean,” said Michael Liebreich, founder of BNEF. “Despite the change in oil and gas prices there is going to be a substantial buildout of renewable energy that is likely to be an order of magnitude larger than the buildout of coal and gas.”