A new study reveals that solar energy can become the primary energy source by 2050. The research, conducted by the University of Exeter and University College London, also shows that this energy transition will happen even without the push from global climate policies.
Scientists said that the fast adoption of clean energy shows a big change in how we think about energy. And the latest advancements make all the predictions about fossil fuels being the main energy source outdated.
“There’s an ongoing, beneficial cycle between the deployment of technologies and the increasing affordability of these implementations. This cycle illustrates the rapid solar growth in recent years and projects its expansion in the future,” remarked Dr. Femke Nijsse of Exeter’s Global Systems Institute.
However, the research also highlights challenges to the growth of solar energy, the biggest being variability. Solar energy generation is impacted by daily and seasonal changes and unpredictable weather. Nijsse warns that if this variability is not addressed, there is a risk of reverting to fossil fuel-based energy.
The study suggests four steps to build resilience:
- Diversify with other renewable energy sources
- Develop electricity storage capabilities
- Build inter-regional transmission lines
- Launch policies to manage consumption patterns.
Another challenge highlighted in the study is access to finance. The growth of solar energy depends on the availability of funds. While renewable energy prices are falling, many countries are still struggling to secure fair capital to set the solar infrastructure. Moreover, with solar installations ramping up, the demand for other essential minerals such as lithium, copper, nickel, and cobalt is also set to rise.
In this scenario, an appropriate financing structure is important.
Lastly, the study indicates the sectors that will experience a decline due to the solar shift will likely oppose the transition. The shift can affect the livelihood of about 13 million people employed in the fossil fuel and related industries.
The researchers highlighted the need for ‘tailored policies’ to address these challenges. They also emphasized that policy changes would have a much greater impact on the clean energy transition than initiatives like carbon taxes.
Click Here for more updates
Resource: ET Energy
*Ornate Solar is now on WhatsApp! Follow us by clicking on this link, and stay updated about the latest solar developments and insights from the industry.
Leave A Comment