Green Energy To Replace Coal As Largest Power Source by 2025
Despite the setbacks due to the Covid-19 Pandemic, a report says almost 90% of new electricity generation in 2020 was renewable as compare to 10% powered by gas and coal.
This figure sets green electricity on track to become the largest power source in 2025, displacing coal. By that time, green energy is expected to supply one-third of the world’s electricity. Hydropower will continue to supply almost half of global renewable electricity. It is by far the largest source of renewable electricity worldwide, followed by wind and solar PV.
According to the report, solar power capacity has increased by 18 times since 2010 and wind power by four times while renewable capacity around the world increased by a record 200 gigawatts in 2020 while anticipating even stronger growth in 2021, where India and the European Union will be the driving forces.
Investors Are Loving It
According to the The International Energy Agency report, the share of renewables’ growth coming from purely market-based settings – outside of policy programmes like auctions and feed-in tariffs – triples from less than 5% today to more than 15% through 2025.
Major oil and gas companies’ investments in new renewable electricity capacity are expected to increase tenfold from 2020 to 2025.
In Malaysia, according to The Star, the government is introducing the new Net Energy Metering (NEM) 3.0 programme for residential, commercial and industrial users, in an effort to boost usage of Solar energy and reduce energy cost.
Under Program NEM Rakyat, residential users who installed photovoltaic (PV) systems will enjoy an offset rate of “one-to-one” for a period of 10 years and they will practice the concept of self-consumption after the 10-year period ends.
According to Forbes, low-profile Malaysian entrepreneur Tan Eng Kee, cofounder and CEO of Penang-based Greatech Technology saw the company’s shares jump 330% in the past year due to surging demand for electric vehicles and solar energy.
Greatech makes automated equipment for production lines for a host of manufacturers–from medical device makers to renewable energy producers to semiconductor companies.
Important to note for the first time in history, renewable energy overtook Germany’s coal, oil, and gas, as fuel during 2020, according to data from the German think tank Agora Energiewendea.
The Pandemic also caused Germany’s greenhouse gas emissions to fall significantly in 2020, coming in 42.3 percent below the reference year of 1990.