Solar energy is anticipated to overtake all other energy sources by 2050

Solar energy is poised to overtake fossil fuels as the world's main energy source by 2050, even without a stronger push from international climate regulations. Under the auspices of the Economics of Energy Innovation and System Transition (EEIST) project, this research is funded by the UK Government's Department for Energy Security and Net Zero as well as the Children's Investment Fund Foundation (CIFF).

The acceleration of renewable energy sources, according to Dr. Femke Nijsse of Exeter's Global Systems Institute, signals a fundamental shift in energy paradigms. "The recent progress of renewables means that projections dominated by fossil fuels are outdated", she said. There is a continual, beneficial cycle between the deployment of technologies and the improving affordability of these implementations, highlighting the shift in the idea of innovation. This cycle shows the solar industry's recent explosive growth and predicts its continued rise.

However, the study also highlights a number of obstacles that could prevent the development of solar energy: Due to daily variations, seasonal swings, and unpredictability of the weather, solar power output is inherently uncertain. When Nijsse was asked about the necessity for strong remedies, he responded, "Without mechanisms to address this variability, there's a risk of reverting to fossil fuels". Diversifying with other renewable sources, creating interregional transmission links, increasing electricity storage capabilities, and implementing regulations to control consumption patterns are all ways to build resilience, she stated.

Access to capital is still a major barrier. While the rise of solar is dependent on funding, the focus of low-carbon finance is primarily on wealthy countries. Regarding this financial issue, Dr. Nadia Ameli of the University College London's Institute for Sustainable Resources commented: Though global renewable costs have witnessed a notable decline, obstacles persist, particularly for nations attempting to acquire funding on equitable terms. The adoption of suitable financing is essential to accelerating the worldwide transition away from carbon. This cycle shows the solar industry's recent explosive growth and predicts its continued rise.

Future solar-powered technology will have its own requirements, particularly in terms of supply networks. The use of solar energy and related technologies is growing, which raises the need for vital minerals like lithium, copper, nickel, and cobalt. The demand for these materials is expected to soar as countries speed up their decarbonization activities.