In recent years, renewable energy sources have been gaining traction in the global energy market. According to a recent report from the International Energy Agency (IEA), renewable energy sources accounted for a record share of global electricity generation in 2020. This is a significant milestone for the renewable energy industry, as it demonstrates the potential for renewable energy sources to become a major source of electricity in the coming years.
Renewable energy sources such as solar, wind, and hydropower are becoming increasingly popular due to their clean and renewable nature. These sources of energy do not produce any emissions, meaning they are much better for the environment than traditional sources of energy such as coal and natural gas. Additionally, renewable energy sources are becoming more cost-effective, making them more attractive to consumers and businesses alike.
The IEA report found that renewable energy sources accounted for nearly 30% of global electricity generation in 2020. This is an increase from 2019, when renewable energy sources accounted for just over 25% of global electricity generation. This increase is largely due to the continued growth of solar and wind power, which accounted for over two-thirds of the increase in renewable energy generation.
The IEA report also found that renewable energy sources are becoming increasingly competitive with traditional sources of energy. In 2020, the cost of generating electricity from renewable sources was roughly equal to that of traditional sources such as coal and natural gas. This is a significant development, as it means that renewable energy sources are becoming increasingly cost-competitive with traditional sources.
Overall, the IEA report demonstrates that renewable energy sources are becoming an increasingly important source of electricity generation around the world. As renewable energy sources become more cost-competitive with traditional sources, they are likely to become even more popular in the coming years. This is great news for both the environment and consumers, as it means that more people will have access to clean and affordable electricity.
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