{"id":13201,"date":"2015-04-21T15:00:08","date_gmt":"2015-04-21T20:00:08","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=13201"},"modified":"2015-04-21T15:00:08","modified_gmt":"2015-04-21T20:00:08","slug":"fossil-fuels-just-lost-the-race-against-renewables","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/fossil-fuels-just-lost-the-race-against-renewables\/","title":{"rendered":"Fossil Fuels Just Lost the Race Against Renewables"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2015\/04\/solar-best-pic1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13202\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2015\/04\/solar-best-pic1.jpg\" alt=\"solar best pic\" width=\"727\" height=\"461\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2015\/04\/solar-best-pic1.jpg 727w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2015\/04\/solar-best-pic1-300x190.jpg 300w\" sizes=\"auto, (max-width: 727px) 100vw, 727px\" \/><\/a><\/p>\n<p>Panama is at the forefront in the industry of Renewable Fuel resources.\u00a0 This is a great article about Fossil Fuel usage slipping under renewables.<\/p>\n<p><span class=\"lede-dek__text\">This is the beginning of the end.<\/span><\/p>\n<p>The race for renewable energy has passed\u00a0a turning point. The world is now adding more capacity for renewable power\u00a0each year than coal, natural gas, and oil combined. And there&#8217;s no going back.<\/p>\n<p>The shift occurred in 2013, when the world added 143 gigawatts of renewable electricity capacity, compared with 141 gigawatts in new plants that burn fossil fuels, according to an analysis presented Tuesday at the Bloomberg New Energy Finance annual summit in New York. The shift will continue to accelerate, and by 2030 more than four times as much renewable\u00a0capacity\u00a0will be added.<\/p>\n<p>&#8220;The electricity system is shifting to clean,&#8221;\u00a0Michael Liebreich, founder\u00a0of BNEF, said in his keynote address.\u00a0&#8220;Despite the change in oil and gas prices there is going\u00a0to be a substantial buildout of renewable energy that is likely\u00a0to be an order of magnitude larger than the buildout of coal and\u00a0gas.&#8221;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/media.gotraffic.net\/images\/iGa2kIRA3VCI\/v1\/-1x-1.png\" alt=\"\" width=\"604\" height=\"297\" data-attachment-key=\"217643102\" \/><\/p>\n<p>The price of wind and solar power continues to plummet, and is now on par or cheaper than grid electricity in many areas of the world.\u00a0Solar, the newest major source of energy in the mix, makes up less than 1 percent of the electricity market today but <a href=\"http:\/\/www.iea.org\/newsroomandevents\/pressreleases\/2014\/september\/how-solar-energy-could-be-the-largest-source-of-electricity-by-mid-century.html\" target=\"_blank\" data-web-url=\"http:\/\/www.iea.org\/newsroomandevents\/pressreleases\/2014\/september\/how-solar-energy-could-be-the-largest-source-of-electricity-by-mid-century.html\">could\u00a0be the world\u2019s biggest<\/a> single source by 2050, according to the International Energy Agency.<\/p>\n<p>The question is no longer\u00a0<em>if<\/em> the world will transition to cleaner energy, but how long it will take. In the chart below, BNEF forecasts the billions of dollars that need to be invested each year in order to avoid the most severe consequences of climate change, represented by a benchmark increase of more than 2 degrees Celsius.<\/p>\n<p>The blue lines are what&#8217;s needed, in billions; the red lines show what&#8217;s actually being spent.\u00a0Since the financial crisis, funding has fallen well short of the target, according to BNEF.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/media.gotraffic.net\/images\/iJGDlukAgdAo\/v1\/-1x-1.png\" alt=\"\" width=\"594\" height=\"268\" data-attachment-key=\"217636678\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Panama is at the forefront in the industry of Renewable Fuel resources.\u00a0 This is a great article about<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13201","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fossil Fuels Just Lost the Race Against Renewables - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/fossil-fuels-just-lost-the-race-against-renewables\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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