Although renewable energy, solar panels in particular, are coming under fire from the Conservative government in the UK, which plans to scrap 75% of solar electricity subsidies, this week we have received excellent news about the state of renewables worldwide.
A new study commissioned by the International Energy Agency (IEA) has found that in 2014, half of all new power plants around the world were those dedicated to renewable energy, be that wind or solar farms, or water based energy generators. In addition, over 60% of all new funding in energy and fuel was invested in the renewable sector, mainly in solar panel farms, despite the unfair competition caused by the massive worldwide subsidies for fossil fuels.
The report, titled the World Energy Outlook 2015, conducted research into the use of renewable energy around the world, and tried to determine how far renewables have come over the last decade. It also makes predictions for the future of the energy market, particularly with reference to the price and production of oil, currently one of the world's most used fossil fuels. The report found that oil exploration and production is likely to fall by 20% this year, and makes particular reference to major oil projects in America, Canada, Brazil, and Russia, all of which have been abandoned in the past twelve months. In addition, although the price per barrel of oil is set to rise until 2020, it is predicted that it will then plateau.
All of this is good news for the renewable energy sector, which stands to experience growth as it makes up the shortfall left by this reduction in the production of oil. In addition, the report also found that the rise in renewables has caused carbon emissions to decrease over the past year. However, it is also concedes that we are from the point at which we can safely say that our emissions are at an acceptable level.
So what does all this mean for renewables and solar panels? This report brings a lot of good news regarding renewable energy, but also shows us that there is more to be done over the next decade. You can read the IEA report in full at the following link: http://www.worldenergyoutlook.org/