Photo: AFPParis: Weak coal and gas prices will not stop record investment in renewables over the coming decades as the cost of generating clean energy drops, a key energy report said Monday. For renewables “to out-compete cheap coal is not a result we generally saw in our scenario runs,” said McCollum, lead author of the study. The impact of cheap gas and coal will be offset, it projected, by drops of 41 and 60%, respectively, in the price of power from wind and solar panels. Currently, 80% of global energy consumption is drawn from fossil fuels. In Europe, renewables will dominate, generating 70% of the continent’s power by 2040, up from 32% in 2015.

Source: Mint June 14, 2016 06:02 UTC