Over
the next decade, we project that renewable energy
resources will have established themselves in both
on-grid and off-grid applications. While coal and
natural gas have several centuries of projected
supply, the liquid fossil fuel reserves are expected
to peak and diminish in our lifetimes.
The demand for energy is expected to triple by 2050
as population grows to approximately nine billion
people (9,000,000,000). Generation capacity must
be developed at an unprecedented pace to meet this
demand.
According
to numerous studies, the world receives thousands
of times more energy every day from the sun than
we could ever use. Wind power potential could meet
all human needs fourfold — and wind technology
has recently become cost competitive with coal-fired
baseload power. We don't have to worry about running
out of renewable energy.
Renewable
electricity production is currently growing at 20-30%
annually, and the share of total production will
grow as production costs decrease and government
policies reflect the true life-cycle costs of fossil
and nuclear fuel.
The
growth rate of fossil fuel electricity production
has slowed to 1-2% annually. The
market will shift as government policies, adequate
investment and reduced production costs make renewable
energy resources competitive with fossil and nuclear
power.
