United Nations Predicts Strong Renewable Energy Growth
Monday, May 16th 2011 4:19 PM
By GetSolar Staff.
Renewable energy sources - including solar power installations - have grown remarkably in the last handful of years.
However, such technology still represents a fraction of of worldwide power production. A draft report from the United Nations holds that growing capital investment in the field could make solar power, wind power and other clean energy sources a predominant part of the global supply by 2050, according to Reuters.
The draft viewed by Reuters is part of the Special Report on Renewable Energy Sources, and it assesses 164 projections for the further development of the energy industry.
At the time of the report, nearly 13 percent of the world's energy needs were supplied by renewable resources, but this figure is misleading. More than 10 percent of that is actually from biofuels such as wood.
As the price of solar installations, wind turbines and other key technology drops, a shift should occur. The movement towards renewable energy is predicted to cost around $12.3 trillion over the next two decades.
However, solar installers, manufacturers and developers will have to contend with waning public support and falling subsidies, Bloomberg reports. In the next few years, strained public budgets will necessitate tough choices, and solar developments could feel the pain. Already, solar manufacturers in California, New York and other states have had to cope with lower demand.
One side effect, however, may be cheaper solar cells and components, which is always nice for those getting individual home solar installations.
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Renewable energy sources - including solar power installations - have grown remarkably in the last handful of years.
