In only three years, renewable energy will be the second-largest power source of the world, the International Energy Agency predicts. However, the agency adds, this rapid growth will heavily depend on continued subsidies. In its latest World Energy Outlook, the IEA said that moving forward to 2035, subsidies for renewables have to increase to $4.8 trillion and that about half of these are already in place to meet 2020 targets. In 2011, renewable energy subsidies including biofuel totalled $88 billion.
According to the IEA, alongside this rapid growth in renewables, water will be a very important criterion in assessing energy projects. The energy sector already accounts for 15 per cent of the world’s total water consumption.
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