EIA: Renewables Will Account for Half of Global Power Generation by 2050
The post EIA: Renewables Will Account for Half of Global Power Generation by 2050 appeared first on POWER Magazine.
Solar power is expected to take a larger share of global power generation across the next 30 years, according to the U.S. Energy Information Administration (EIA), as renewable energy continues to be adopted worldwide.
The EIA’s International Energy Outlook 2019 (IEO2019), released Oct. 2, shows 28% of the world’s power came from renewables in 2018, nearly all of that from wind, solar, and hydropower. The EIA forecasts that renewables will account for almost half—49%—of global electricity output by 2050, with solar generation showing the most growth, while hydro grows more slowly.
Source: U.S. Energy Information Administration, International Energy Outlook 2019
Solar and other renewables’ growth is not limited to utilities or government efforts to expand the sector. Several companies are using renewables to power their commercial and industrial operations. Exxon Mobil, the oil giant which recently reported $ 20.8 billion in earnings in 2018, signed a 12-year deal with Danish energy company Ørsted late last year to purchase solar and wind power in West Texas.…