ENERGY Big Sun Takes on Big Oil

Francis Scialabba

Get ready to witness a new kind of solar eclipse. In 2025, solar power is expected to overtake coal as the largest means of energy production, according to the International Energy Agency's (IEA) annual World Energy Outlook report.  How we got here: Solar projects are getting cheaper to manufacture and install, and more governments are setting ambitious targets to cut emissions and reduce their fossil fuel dependence. In most countries, solar is already cheaper than coal and gas.  Over the next decade, the IEA predicts renewables will account for 80% of new power generation.  But to integrate more renewable sources, investments in the energy grid need to rise to at least $460 billion in 2030.  The IEA's report lays out painful numbers for fossil fuel incumbents. Investors are growing more skeptical of oil and gas projects, and 2020 investments have fallen by a third compared to last year. Coal's share of the global energy supply is expected to dip below 20% in 2040 for the first time since the industrial revolution. Bottom line: "I see solar becoming the new king of the world's electricity markets," IEA Executive Director Fatih Birol told reporters.