Energy Industry Trends in 2020
According to a new report, the need for reducing CO2 emissions will continue to drive more investment in renewable energy. International Renewable Energy Agency (IRENA) estimates that to meet the goals of the Paris Agreement, the share of renewables in annual global electricity generation needs to increase to 86% by 2050.
Parts of the world will continue burning fossil fuels including oil, gas, and coal for energy production. The use of these energy sources will continue in some places due to a lack of political will along with the availability of cheap coal.
As the world moves towards 100% renewable energy, reliability will emerge as an essential area of concern. This is where flexibility and innovation in supply will play a key role.
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