Renewable energy sources such as solar panels and wind turbines will dominate the energy supply in the future, putting the world technologically and economically in a position to be rid of fossil fuels entirely by 2050, according to a July 25 paper published by the Institute of Electrical and Electronics Engineers (IEEE) in New York.

According to the United Nations, over 160 companies with a combined 70 trillion USD in assets are committed to decarbonizing the global economy, which means phasing out fossil fuels by 2050, said Sven Teske, associate professor at the University of Technology, Sydney and one of the authors of the report. "Our research has shown that we have the technology to implement a global energy supply based entirely on renewable energy," said Teske.

Solar power is enjoying trail winds. The sector is on track to produce 33 percent of the world's electricity by mid-century, according to International Energy Agency (IEA), putting it second behind wind power's 35 percent.

According to IEA's newly released report, the global manufacturing capacity for solar panels has increasingly moved out of Europe, Japan and the U.S. over the last decade and into China, which has taken the lead in investment and innovation.

China's share in all the key manufacturing stages of solar panels exceeds 80 percent today. "China has been instrumental in bringing down costs worldwide for solar PVs, with multiple benefits for clean energy transitions," said IEA Executive Director Fatih Birol.

According to Nikkei Asia, solar cell manufacturing is driven by capacity. As bigger production volumes drive down the cost per unit, all players pursue economies of scale, and the global decarbonization push sets the stage for aggressive investments.

Chinese solar panel manufacturers are planning or building new production facilities that will add a combined annual output capacity equivalent to 340 nuclear reactors, with strong global demand and new mass-production technology.

According to The Wall Street Journal, rooftop solar, in particular, could become a financially attractive option for many homeowners given skyrocketing electricity prices. Global financial services group Nomura expects global solar installations to grow nearly 50 percent both this and next year.

Many of those installations will be in China. The country built a record amount of solar power capacity in 2021, and it will likely break that record again this year. China added 31 GW in the first half of this year, more than double the new capacity installed during the same period last year.

The Wall Street Journal also pointed out that skyrocketing demand for non-fossil-fuel energy sources worldwide means a bonanza for China's solar industry. The fair winds blowing for Chinese manufacturers looks set to continue for some time to come.