A recent study by the University of Exeter and University College London suggests that solar power may emerge as the dominant energy source by 2050. The researchers employed a data-driven model to analyze technological and economic shifts, supporting their conclusion on the future prominence of solar energy.
Economies transitioning to clean energy
The study highlights four major challenges hindering the transition to clean energy: stabilizing power grids, supply chain capacities management, financing solar programs in developing economies, and overcoming political resistance in regions with potential job losses. Researchers emphasize that addressing these obstacles is crucial for a successful shift to clean energy and argue that overcoming them is more vital than relying solely on existing policies such as carbon taxes.
Dr. Femke Nijsse from Exeter’s Global Systems Institute highlights that recent advancements in renewables have rendered fossil fuel-dominated projections unrealistic. Contrary to older models that view innovation as external to the economy, there exists a virtuous cycle where technology deployment and cost-efficient learning by companies are intertwined.
The research from the Economics of Energy Innovation and System Transition (EEIST) project recommends that governments prioritize overcoming four barriers to facilitate the transition to solar energy. Dr. Nijsse emphasizes the importance of addressing grid resilience by integrating wind power, efficient electricity storage, and inter-regional cables to offset solar power fluctuations caused by factors such as nightfall or seasonal changes. Failure to implement processes to manage this variability may lead to the need to compensate with fossil fuel consumption.
Developing nations need financial assistance
It is important to provide financial assistance to developing nations by addressing the demand for crucial minerals such as lithium and copper. This strategy aims to prevent a potential loss of 13 million jobs in the event that solar power becomes the dominant energy source.
Dr. Nadia Ameli from UCL’s Institute for Sustainable Resources emphasizes the increasing belief that the declining global average cost of renewables makes decarbonization more feasible for the developing world. However, her study highlights persistent obstacles, particularly the challenges these nations encounter in accessing capital under fair conditions. The importance of suitable financial support is underscored for expediting the global decarbonization agenda.
