Topping solar with mining sod to forge economic growth
The International Energy Agency’s (IEA) latest World Energy Outlook for 2020 states that solar power is now the “cheapest electricity in history”. It’s something you either believe will make a difference to market developments or you don’t. Before we unpack this, let’s take a brief history tour. You’ll see why in a moment.
Founded in 1974, at the height of fossil fuels powering industrialised nations, the IEA’s initial objective was to respond to threats to the supply of oil. Raising its relevance on the energy stage, the organisation also positioned itself as an information platform with the first World Energy Outlook published in 1977.
In its 2014 edition, the IEA warned that $48 trillion in investment and credible long term policy planning would be required between 2014 and 2035 to secure sufficient energy supplies for that period. Five years later, a November 2019 Reuters article reported that the IEA had been criticised for failing to create a 1.5°C scenario and place it centrally in its annual World Energy Outlook report.
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