MOSCOW, September 29 (RIA Novosti) - The sun may be the world's largest source of energy by 2050, the reports issued by the International Energy Agency (IEA) on Monday revealed.
"The rapid cost decrease of photovoltaic modules and systems in the last few years has opened new perspectives for using solar energy as a major source of electricity in the coming years and decades," IEA Executive Director Maria van der Hoeven said.
"However, both technologies are very capital intensive: almost all expenditures are made upfront. Lowering the cost of capital is thus of primary importance for achieving the vision in these roadmaps," the executive director added.
The reports titled, Technology Roadmap: Solar Photovoltaic Energy and Technology Roadmap: Solar Thermal Electricity, are not forecasts but rather outline technological advancements and policies needed to achieve the predominant use of solar energy over fossil fuels, wind, hydro and nuclear energy sources.
The roadmaps reveal solar photovoltaic (PV) systems could generate some 16 percent of the world's electricity by 2050 while solar thermal electricity (STE) from concentrating solar power (CSP) plants could make up an additional 11 percent. If used effectively, both technologies combined would eliminate some 6 billion tons of carbon dioxide emissions per year by 2050.
"By contrast, where there is a record of policy incoherence, confusing signals or stop-and-go policy cycles, investors end up paying more for their investment, consumers pays more for their energy, and some projects that are needed simply will not go ahead," Maria van der Hoeven said.
Both publications call on policy makers to provide clear and consistent signals to encourage investors to fund the potentially revolutionary solar technologies and urge industries to pursue cost reduction policies.
In Europe, Germany and Italy are leading large-scale PV development, while China tops the global PV market, followed by Japan and the United States since 2013. Although, generation of solar thermal electricity from concentrating solar power plants has surged worldwide it is taking longer than expected in the first IEA roadmap on the technology in 2010.
