Solar Energy will Surpass Coal in Power Generation by the End of This Decade, According to the World Bank
Posted on : Thursday, 26th September 2024
According to a World Bank climate action report, solar is predicted to overtake coal as the most readily available energy source globally by 2027. Since solar and wind power are the most affordable ways to fulfill the world's expanding electricity demand, the global lender predicts that solar will lead the way.
"Solar power is a game changer for the climate and energy access, and many developing countries have some of the best solar and wind resources in the world," according to the World Bank.
Furthermore, it acknowledges that many developing nations face challenges in securing the money required to scale up solar energy investments, but it is hopeful about the possibility of nations to capitalize on advancements in solar energy and achieve spectacular improvements.
“For millions of people who still lack access to energy, clean, affordable solar power is now possible thanks to technological advancements. The international community must thus increase its assistance to governments in order to assist them in creating transition plans, bolstering the institutions that form the foundation of the energy sector, planning early projects, and mitigating risks that could keep costs unaffordable."
Kenya aims to reach 100% renewable energy by 2030, with over 90% of its electricity coming from solar power among other renewable sources.
According to the World Bank's most recent country economic assessment, the nation's reliance on solar energy for electricity grew by about 28% in 2022 over the previous year.
This is a reflection of the country's transition to renewable energy sources in keeping with the worldwide movement to mitigate the effects of climate change.
It also indicates towards the increasing number of Kenyans mostly in remote locations who are choosing for solar energy rather than connecting their households to the country's electrical grid.
Kenya is home to four to eight megawatts of installed solar power, making it the second most active commercial photovoltaic system marketplace in the developing world, behind only India, according to data from Centurion.
Bioenergy accounts for around 65% of Kenya's total primary energy supply, making it the country's most prominent energy source.
About 16.9% of the total is made up of oil products, followed by renewable energy sources including solar and wind power at 15.2% and, to a lesser extent, coal and hydropower at 1.9%.
Based on these projections, 380 million people might have access to reliable, high-quality power via solar mini-grids by 2030.
