the European Commission’s chief economist Spencer Dale has said the company "made a mistake" in underestimating the breadth and depth of solar power adoption in Asia. The "unprecedented boom" of solar in 2017, especially in India and China where solar is being used to replace coal, has prompted the European Commission to revise up its growth forecasts for renewables. Analysts have noted the energy company was not the only one surprised by the pace of change, as BP is also set to update its projections.
BP’s chief economist Spencer Dale has said the company "made a mistake" in underestimating the breadth and depth of solar power adoption in Asia. The "unprecedented boom" of solar in 2017, especially in India and China where solar is being used to replace coal, has prompted BP to revise up its growth forecasts for renewables. Analysts have noted the energy company was not the only one surprised by the pace of change, as the European Commission is also set to update its projections.