The most advanced power plants are being built around the world, but the same power plants that have helped fuel the Industrial Revolution will soon need to adapt to the changing needs of the 21st century.
Here are some key points to consider: 1.
The future of electricity generation depends on it: A study by MIT and Stanford University found that the number of gigawatts of power generation capacity in the United States is expected to grow from 8.4GW today to 12.3GW by 2040.
But, the study also found that these new plants will be needed to power more than a third of the world’s population.
A similar study by the Brookings Institution found that as many as 70% of global power generation could disappear by 2032.
Renewable energy is not a substitute for fossil fuels: Renewable power generation is expected grow from 1.8GW today, up to 3.5GW by 2030, according to a recent report by Bloomberg New Energy Finance.
The world’s economies are growing at a faster rate than ever before.
The number of countries with economic growth of 2% or higher is projected to grow to nearly 20,000 by 2060, up from just under 10,000 in 2020.
The study also projected that by 2065, almost all of the countries on Earth will be energy-dependent.
The rise of renewable energy means that we are also seeing the emergence of a new class of “solar farms,” which will grow rapidly over the next decade.
Renewables are a key part of that new class.
These are systems that produce electricity from solar panels and solar cells, rather than from coal or natural gas.
By 2030, half of the solar power systems in the world will be powered by solar, up 25% from today.
The solar energy revolution is reshaping the way the world sees the environment.
“We’ve always believed that the world is a pretty good place, but we’ve also seen the impacts of climate change,” said Chris Liddell, vice president of sustainability at Bloomberg New Economy, in a recent interview.
“Solar is not only a good thing for us, it’s also good for the environment, and that’s something we need to pay attention to.”
The transition to solar energy is already being watched closely by the environment and the environment advocacy group 350.org.
A recent study by Greenpeace and the Natural Resources Defense Council found that in the next three decades, more than 40% of fossil fuels will be phased out and that renewable energy will replace them.
“This transition will be a big one, because it will transform energy in a big way for us all,” said the report.
The energy transition is also impacting the economy.
As renewable energy increases in cost, the cost of building new power plants will increase, which will make it harder for investors to back renewable energy projects.
“Investors are much less inclined to invest in renewables because they don’t expect to see a return on their investment,” Lidd, the Bloomberg New Enterprise report’s co-author, said in a statement.
“In addition, it is more difficult for investors in new plants to justify the cost and capital costs of those plants when compared to the cost they pay for electricity in a traditional grid,” Lid added.
The cost of renewables is increasing rapidly: The average cost of solar power in the US was $7.30 per watt in 2020, up more than 400% from just a few years ago.
But the average cost per watt of electricity from renewables in China is just $1.50, according a Bloomberg New Markets report.
“That’s not a big jump from the $0.25 to $0 of a year ago,” Laudll, the New Enterprise co-founder, said.
“It’s also not the kind of increase we’re seeing now.”
The same is true for natural gas, which has increased its price by about 30% in the last two years.
The rapid growth of renewable electricity means the world can’t rely on fossil fuels anymore: The cost and environmental impacts of fossil fuel-based energy have come into sharp focus as the world transitions to renewable energy.
But renewables are not going away anytime soon.
In fact, a study by Bloomberg put the cost per megawatt-hour of new nuclear power plant at about $2.5 trillion in 2030, which is 10% more than the cost for solar power.
In 2020, the world was relying on coal-fired power plants to supply electricity to its cities, according the Brookings Institute.
A report by the Center for American Progress found that by 2030 coal-based power plants in the U.S. will be the dominant source of electricity in nearly half of American households.
“Coal will be back as a dominant source for electricity by 2035, while renewables will dominate in 2035 and 2040,” the report said.
There’s an explosion of solar panels: In recent years, the growth of solar energy has