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Cheap Renewable Energy is in High Demand

Edited By: Krista Mc'Farlene
 According to Research Analysts at Morgan Stanley, renewable energy like solar and wind power are hurtling towards a level of ubiquity where not even politics can stop them. It's fast becoming the cheapest option. In addition, analysts believe that the US will exceed its commitments in the Paris agreement regardless of whether or not President Donald Trump withdraws, as he has previously stated that he will.
 
 
renewable energy

The analysts have projected that by 2020, renewables will be the cheapest form of new-power generation across the globe, with the exception of a few countries in Southeast Asia. According to their forecasts, favorable renewables economics rather than government policy will be the primary driver of changes to utilities' carbon emission levels. Therefore, notwithstanding President Trump's stated intention to withdraw the US from the Paris climate accord, they expect the US to exceed the Paris commitment of a 26-28% reduction in its 2005-level carbon emissions by 2020. 

On a global level, the price of solar panels has fallen by 50% between 2016 and 2017. In countries with favorable wind conditions, the costs attributed to wind power can be as low as one-half to one-third that of coal or natural gas-fired power plants. Furthermore, innovations in wind-turbine design are allowing for even longer wind blades, boosting their efficiency and thus increasing power output from the wind sector. 

renewable energy
 
They have also said that even in Australia, where the political climate is hostile to renewables, they still see hope in the slightly longer term. In fact, they anticipate that by 2020, renewables will provide around 28% of grid supplied energy, including over 60% in South Australia. 
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