Source: Financial Review
by: Pilita Clark
Wind, solar and other types of renewable power will overtake coal to become the world's top source of electricity in just 15 years if the pledges countries are making for a global climate change deal this year are met.
|The leaders of the Group of Seven nations last week backed a goal to phase out emissions this century and sharply reduce greenhouse gases by 2050|
The striking finding by the International Energy Agency shows renewable power could soar from just over a fifth of global electricity generation today to nearly a third by 2030 - a bigger share than either coal, gas or nuclear plants.
This shows today's energy companies are making a "major fatal error" if they assume climate action is not going to affect their businesses, said Fatih Birol, the IEA chief economist.