Together with the global carbon price, this development could catalyze the reduction of emissions to meet the Paris climate targets while reducing the need for controversial negative emissions, a new study notes.
“Today, 80 percent of all energy needs in industry, mobility, or building heating are met by burning – mostly fossil – fuels directly and only 20 percent with electricity. According to our study, the ratio can be pretty much reversed by 2050, a mainstay of global energy supply, “he said Gunnar Luderer, author and researcher at the Potsdam Institute for Climate Impact Research and Professor of Global Energy System Analysis at the Technical University of Berlin.
For the longest time, fossil fuels were cheap and available, while electricity was the most valuable and expensive source of energy, Luderer said. He noted how renewable electricity generation – especially from photovoltaics – has become cheaper at a breathtaking rate, a pace that most computer simulations have so far underestimated.
“In the last decade alone, solar electricity prices have fallen by 80 percent and more cost savings are expected in the future. This development could revolutionize energy systems profoundly. Our computer simulations show demand, “Luderer explained.
Source: The Nordic Page