The International Energy Agency has stated that solar power is a viable alternative to using fossil fuels (coal, gas, hydro and nuclear) for our energy needs. The overall viability of solar energy will be achieved by 2050, the organization estimates, when it will become the world’s largest source of electricity production. This forecast comes from an organization that is better known for its oil price forecasts than making pronouncements about green energy.
While the agency does point out that this is dependent on improvements in technology that have not yet been achieved, it nonetheless believes that the most credible scenario is that solar power will become the primary means of meeting the world’s energy needs.
The economics of this move to renewable energy is expected to drive an investment boom of over $40 trillion which compares with the current $900 billion that is currently allocated to fossil fuels each year.