Solar And Electric Vehicles Could Be Game-changing Technologies

The industry has repeatedly failed to understand the rapid growth in solar energy update driven by the relentless cut in solar energy costs. The price of solar panels has decreased by a whopping 85% as per a recent study done by the Imperial College in London. Similarly while not a mass market vehicle, Electric Vehicles are making rapid strides and 1/3^rd of all vehicles could be electric ones by 2035.

The growth in solar energy is not linear but exponential which has been seen by the 10% reduction in solar prices annually over the last 50 years. If this trend continues, coal power could be completely wiped out from earth by 2050 and growth in coal based power will stop by 2020. Similarly crude oil which powers the world’s transport sector is also in big trouble as electric vehicles will depend on the grid for power which will mostly be fueled by solar power.

Also read about Solar Powered Cars.

Even in the immediate term, fossil fuel industry faces a huge challenge with a 10% marketshare loss to renewable energy in the coming decade. This has massive implications in the trillion dollar energy industry and the companies that make it. The 10% loss could cause huge losses and multiple bankruptcies. Solar power has already caused many utilities in Europe and coal companies in USA to fold up and this trend will accelerate in the future.  Solar and EVs are the game changers which are the answers to the world’s pressing problem of climate change. With rapid decline in costs and almost zero emissions, both these technologies will not only stem the growth in carbon emissions but after sufficient time will actually cause a decline in emissions.

About 23% of global power generation by 2040 and 29% by 2050 will be from solar power sources entirely phasing coal out and leaving natural gas with just a 1% share. It could also limit global temperature rises to between 2.4C and 2.7C above pre-industrial levels, while more ambitious action by countries than currently pledged, along with falling costs of solar and electric vehicles, could limit warming to 2.1C to 2.3C.