from Statista.com
— this post authored by Willem Roper
The wind and solar energy industries are booming across the world as infrastructure projects come online and countries set progressive goals for carbon neutrality and net-zero emissions in the coming decades. New data shows how the two popular renewable energies are projected to quickly outpace traditional fossil fuels in as little as five years.
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In a new report from the International Energy Agency, the current global power capacity of wind and solar energy is expected to double by 2025 to reach nearly 2,400 gigawatts. That would surpass both coal and natural gas capacity in the world, with each forecasted to be roughly 2,100 gigawatts and 2,000 gigawatts, respectively, by 2025. Currently, in data from 2019, coal and natural gas combine to more than triple the capacity of wind and solar energy in the world.
Traditional fuels like coal and natural gas have fallen sharply in value during 2020, brought on by a plunge in global demand due to COVID-19 restrictions. Already trending downward to start the year, coal has been hit the hardest by decreased consumption of electricity across the world. Most countries are quickly divesting from the coal industry in favor of wind, solar and natural gas, and it may not be too long before the black rock is officially gone from most major power supplies.
Wind and solar, on the other hand, are rapidly filling the void left by coal. The two industries are seeing enormous growth, even during the pandemic, and continued news of carbon neutrality and net-zero emissions plans from countries around the world is only fueling their adoption.
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