Solar Could Represent 25% of Global Electricity by 2050
THE WOODLANDS, Texas--(EON: Enhanced Online News)--Evolution Solar (PinkSheets:EVSO) applauded todays action of the International Energy Agency (IEA), which released two Roadmaps on Concentrated Solar Power (CSP) and Photovoltaic (PV) electricity production during the Mediterranean Solar Plan Conference taking place in Valencia, Spain. In introducing the Roadmaps, IEA Executive Director Nobuo Tanaka underscored that solar energy could represent 20 to 25% of global electricity production by 2050.
These two Technology Roadmaps are part of a series that will cover a total of 19 energy technologies divided between supply and demand side applications. Their aim is to enable energy technology development to quickly gain momentum in order to confront global sustainability and energy security challenges. Each Roadmap addresses technical, legal, policy, economic and organizational aspects of advancing development of these respective technologies.
The Solar PV Roadmap emphasizes that this technology is already reliable and commercially viable and needs to be backed up with long-term policy support structures to ensure its broad implementation. If done right, the report finds that PV holds the potential to achieve competitive parity with other forms of electricity generation by 2020 and could provide 11% of global electricity production by 2050. As this occurs however, energy storage and management are foreseen to become more and more of a challenge for future research and development.
"Historically, solar power generation has proven itself and we continue to advocate policies that will support and encourage its use for multiple applications," stated Robert Hines, President of Evolution Solar.
Evolution Solar is currently building a solar demonstration site in partnership with Texas Southern University, to be located at the Universitys Houston Campus. The project should help Evolution Solar acquire new projects in a sector that is growing to compete in the energy industry, which includes XTO Energy Inc. (NYSE:XTO), Apache Corporation (NYSE:APA), Devon Energy Corporation (NYSE:DVN) and EOG Resources Inc. (NYSE:EOG).
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