RENEWABLE energy sources have demonstrated their reliability and relative cost-efficiency as lockdown measures due to the Covid-19 pandemic have cut demand for fossil fuels and this should serve as an incentive to accelerate green investments, according to a new DNV GL report. The Norwegian risk management and classification outfit is predicting rapid growth for renewables over the next decade due to decreasing costs for wind and solar, having previously predicted that they would account for 66% of global electricity production by 2050. However, it stated in its latest report on the energy transition that investment needs to be drastically scaled up in a range of new technologies including floating renewables, battery storage, carbon capture and storage, and hydrogen, backed by government policy support, to meet the climate goals of the Paris Agreement.
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