Soak up the sunshine, because so...
2023 was a record year for renewable energy, thanks in no small part to our sun-loving friend, solar. The International Energy Agency (IEA) says solar power added enough juice to the grid to power up half of all new renewable energy in 2023 – that’s a 50% jump! And this isn’t just a one-year blip, it’s the 22nd year in a row that renewables have broken their own records.
China’s on a solar spree!
They’re basically the king of sunshine power, adding more solar panels in 2023 than the entire world did in 2022. No wonder – they’ve got five of the top 15 biggest solar farms and six of the seven biggest panel makers! Think about it: in just five years, Carbon Brief says renewables could generate enough electricity to light up both the US and Canada!
Why the renewable fever?
Well, for starters, it’s cheaper than fossil fuels. In 2023, three out of four new solar and wind farms were cheaper to run than their fossil fuel counterparts, the IEA says. Plus, solar panels got 50% cheaper compared to 2022! Thanks to that, manufacturing is expected to outpace demand in 2024 – even more sun power on the way!
Governments are getting on board too
Over 130 countries have policies to boost renewables, which the IEA says is a big reason for the boom. But they also warn that more needs to be done. Think paperwork delays, money woes, and policy uncertainties – they can slow down new projects and make them more expensive. For example, in the UK, a wind farm auction flopped because the government’s offer wasn’t good enough. The IEA says this financial struggle has even hurt the wind industry’s value.
So, what’s the future of sunshine power?
The IEA predicts global renewable energy capacity will triple by 2030, which is pretty close to the COP28 goal of making renewables three times bigger. And guess who’s leading the charge? China! They’re expected to generate half their electricity from renewables by 2028, and they’re even making waves in the industry – their company BYD just beat Tesla in sales!
So, there you have it! Renewables are on the rise, thanks to falling costs, helpful policies, and a world waking up to the power of the sun. And with China pushing the envelope, the future looks bright and sunny for clean energy!
Solar panels offer a multitude of advantages for the UK, aligning with environmental goals, economic benefits, and energy independence. As technology advances and government policies continue to support renewable energy, solar power is set to play an integral role in the UK’s journey towards a sustainable future.
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