A wind-solar hybrid photovoltaic power plant in Zaozhuang, China’s Shandong province, on Sept. 12, 2020. Li Zongxian/VCG via Getty Images
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Solar And wind the projects are expected to account for more than a third of the world’s energy capacity by 2030, according to a report by the Rocky Mountain Institute (RMI), a non-profit organization based in the United States. The report indicates that the growth demonstrates that the energy sector will be able to take the necessary steps to achieve global climate goals, Reuters reported.
Solar and wind power currently generate around 12% of the world’s electricity, but this is expected to rise to a minimum of 33%, providing cheaper energy and pushing back fossil fuels– the energy generated, according to the report.
“The exponential growth of clean energy is an unstoppable force that will put more purchasing power in consumers’ pockets,” said Kingsmill LinkSenior Director of RMI, in a Climate Action press release.
RMI’s research was conducted in cooperation with the $10 billion Bezos Earth Fund, launched by Amazon founder Jeff Bezos.
Systems Change Lab study finds eight countries built solar and wind generation capacity faster than needed to limit global warming 1.5 degrees Celsius above pre-industrial levels, according to the press release.
The RMI report highlighted that solar and wind energy are expected to generate 12,000 to 14,000 terawatt hours of electricity by 2030, three to four times the capacity of 2022 levels. Europe and China are the current leaders in the adoption of clean energy technologies.
At the same time, by 2030 demand for electricity from fossil fuels will drop rapidly to as much as 30% below its 2022 peak, the report said.
“Despite a 5% reduction in the cost of fossil fuel-fired projects over the past six months, onshore wind and PV remain the cheapest new technologies to generate electricity in countries covering 82% of the global electricity production”, a press release from Bloomberg New Energy Funding said.
The RMI report went on to say that as economies of scale expand and more solar projects come on stream, solar power – which is currently the cheapest power generation option – will become even cheaper, dropping from its current cost of $40 per megawatt-hour (MWh) to as little as $20 per MWh, Reuters reported.
“The advantage of speed renewable deployment is greater energy security and independence, as well as long-term energy price deflation because it is a manufactured technology – the more you install, the cheaper it costs,” Bond said. , as reported by Reuters.