The free-market economics powering renewable energy

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Power,Electricity,Market

Clean technology will keeps getting better and cheaper, but the real payoff is affordable energy in abundance that could accelerate economic growth for decades to come

The potential of solar and wind to become a pillar of power systems around the world was, for many years, technically feasible but seemed to be economically unlikely.

In early October, the International Energy Agency – the long-standing advisory group to wealthy countries –renewables are “on course to meet almost half of global electricity demand” within six years. By 2030, the IEA projects that of all the world’s electricity, solar and wind will double to 30 per cent from today’s level.

Human ingenuity and resolve got us to this moment. Lots more will be needed. New transmission lines, in Canada and everywhere, are essential, as well as speeding up approvals to build them. The IEA estimates countries need to soon build and modernize 25-million kilometres of power lines.

 

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