Over the last few years, the falls in the price of solar and wind power have been dramatic. Does this mean the the market will now produce enough renewable energy?
We have been told for two decades that the proportion of renewable energy in total global energy has been continually rising. But in fact, in 2019 wind and solar produced less than 2% of the total energy used globally. Less than 2%.
That proportion of 2% has not been growing. For the last four years, the amount of new wind and solar each year has been flat, and not increasing. That means that total investment has actually been falling. (If solar is cheaper, lower investment can still produce the same amount of solar.)
On the face of it, this makes no sense. Surely, if the price of wind and solar is falling, they should be replacing fossil fuels. And the cheaper they get, the more corporations should be investing. In fact, the opposite is happening. The market is failing. This article explains why, and what we can do about it. Continue reading