It is tempting to think – given the record-breaking installations of solar PV in China, and on a different scale in Australia – that the world is well into the new age of solar. But a striking new report from an independent source sheds new light on what awaits us. Importantly, it shows that the world has only just begun the age of solar, and has installed only a tiny fraction of what will follow. The Energy Transition Outlook comes from DNV, a European-firm that provides independent assessments for both the fossil fuel industries (particularly oil and gas) and the renewable energy industry. You could say they have a foot in both camps. That makes its detailed forecast for the impending energy transition striking. It holds no good news for oil – it says that industry production will peak in a few years and decline rapidly thereafter. But it also suggests that the world’s energy consumption as a whole will peak within a decade – shedding forever the link between GDP and energy growth. And it says one of the biggest reasons for this is the efficiency of wind and solar. It notes that with fossil fuels, so much of the primary energy is wasted as heat.
Renew Economy 14th Sept 2017 read more »