A report from Deloitte has found that solar and wind power have become the preferred energy sources across much of the globe and will continue to increase their rapid growth in world energy markets despite leadership failures in the US and Australia.
The report, authored by three US-based energy experts within Deloitte, identified three main drivers of the increasing uptake of wind and solar: first, renewables are reaching price and performance parity on the grid and at the socket; second, solar and wind can cost-effectively help balance the grid; and third, new technologies are honing the competitive edge of wind and solar.
It concluded that while wind and solar are already among the cheapest energy sources globablly, they have “much further to go”.
“The enabling trends have not even run their full course yet. Costs are continuing to fall, and successful integration is proceeding apace, undergirded by new technologies that are bringing even greater efficiencies and capabilities.”
Meanwhile, consumer demand for renewables is growing.
“Solar and wind power now come closest to meeting three energy consumer priorities: reliability, affordability, and environmental responsibility.”
It noted that in the United States and Australia, “where the national leadership is retreating on decarbonization efforts, cities, communities, and corporations have become the most relevant actors. They have stepped up to fill the vacuum and demand has continued to grow.”
The report concluded that “the case for renewables has never been stronger”.
The report Global renewable energy trendsSolar and wind move from mainstream to preferred is available here.