6.7 Future Trends
149
6.7 Future Trends
6.7.1 Africa
Africa will use renewable energy sources for fueling a larger proportion of its future
growth. This would be economically competitive, unlock economies of scale and
would provide substantial benefits through local value creation, equitable development, energy security, and environmental sustainability. Africa could also leapfrog
to modern renewable energy since such technologies are the most economical
solution for mini and off-grid electrification within remote areas and grid extension
within some cases of the centralized grid supply with appropriate renewable energy
sources.
6.7.2 Asia
The use of renewable energy will continue expanding at the highest rate. This is
the continent with the highest potential of renewables growing, apart from spurring
development. Renewables will also have the highest potential of curbing carbon
emissions and mitigating climate change.
6.7.3 Australia
Even in the absence of subsidies, solar and wind energy will remain more costcompetitive compared to other energy resources. Solar could reach price parity in
all the markets.
6.7.4 Europe
European renewable energy will significantly continue growing in the coming
decades. European Union (EU) member state policies will also remain the major
drivers that will shape the power market. The lower demand for renewable energy
raises concerns for the energy producers regarding the long-term prospects. There
is also a potential for rapid offshore wind expansion that would lead to a rise in the
exposure for not only thermal but also renewables generation.
149
6.7 Future Trends
6.7.1 Africa
Africa will use renewable energy sources for fueling a larger proportion of its future
growth. This would be economically competitive, unlock economies of scale and
would provide substantial benefits through local value creation, equitable development, energy security, and environmental sustainability. Africa could also leapfrog
to modern renewable energy since such technologies are the most economical
solution for mini and off-grid electrification within remote areas and grid extension
within some cases of the centralized grid supply with appropriate renewable energy
sources.
6.7.2 Asia
The use of renewable energy will continue expanding at the highest rate. This is
the continent with the highest potential of renewables growing, apart from spurring
development. Renewables will also have the highest potential of curbing carbon
emissions and mitigating climate change.
6.7.3 Australia
Even in the absence of subsidies, solar and wind energy will remain more costcompetitive compared to other energy resources. Solar could reach price parity in
all the markets.
6.7.4 Europe
European renewable energy will significantly continue growing in the coming
decades. European Union (EU) member state policies will also remain the major
drivers that will shape the power market. The lower demand for renewable energy
raises concerns for the energy producers regarding the long-term prospects. There
is also a potential for rapid offshore wind expansion that would lead to a rise in the
exposure for not only thermal but also renewables generation.