How Solar and Wind Power Are Tra...
The world is witnessing a remarkable shift in the way we produce and consume energy. Solar and wind power, once considered niche and expensive sources of electricity, are now becoming mainstream and affordable options for meeting the growing demand for clean and reliable energy.
According to a new report from RMI, a non-profit organization that promotes the energy transition, solar and wind power are expected to supply over a third of all power by 2030, up from 12 percent currently. This is equivalent to generating 12,000 to 14,000 terawatt-hours of electricity per year, which is three to four times higher than the current levels.
This rapid growth of renewable energy is driven by several factors, such as technological innovation, cost reduction, policy support, and consumer preference. The report shows that the cost of solar and wind power has dropped significantly over the past decade, making them more competitive than fossil fuels in most markets. For example, solar and battery costs have decreased by 80 percent between 2012 and 2022, while offshore wind costs are down 73 percent and onshore wind costs are 57 percent.
As a result, renewable energy is not only good for the environment, but also good for the economy. The report estimates that renewable energy will roughly halve in price again by 2030, dropping to as low as £20 per megawatt-hour (MWh) from over £40 per MWh currently. This will create more savings for consumers and businesses, as well as more jobs and opportunities for communities.
Moreover, renewable energy will also enhance the energy security and independence of countries, as they will be less dependent on imported fossil fuels that are subject to price volatility and geopolitical risks. The report projects that fossil fuel demand will be in “steep decline”, decreasing as much as 30 percent by 2030 from the 2022 peak.
The report also highlights the diversity of countries that are embracing renewable energy, beyond the traditional leaders in Europe and China. It cites examples of countries such as Uruguay, Denmark, Lithuania, Namibia, Netherlands, Palestine, Jordan, and Chile that have deployed solar and wind power at “rapid speeds”, demonstrating that “a rapid transition can be achieved across many different contexts”.
The report comes at a critical time when the world is preparing for the COP28 climate summit in November 2023, where countries are expected to update their commitments under the Paris Agreement. The Paris Agreement is a global pact that aims to limit global warming to well below 2.0 degrees Celsius and pursue efforts to limit it to 1.5 degrees Celsius. It also seeks to strengthen countries’ ability to cope with the impacts of climate change and support them in their efforts.
However, the report warns that the current pledges made by countries are not enough to meet the Paris Agreement goals. It says that the Global Stocktake of the United Nations, a two-year assessment of the progress of the Paris Agreement, is likely to show a major gap between what is needed and what is being done.
The report urges countries to take advantage of the exponential growth of renewable energy technologies and accelerate their deployment in key sectors such as electricity and road transport, which account for more than half of fossil fuel demand. It says that these sectors have reached tipping points in adoption and can pave the way for widespread transformation.
The report concludes that renewable energy is an unstoppable force that will reshape the global energy landscape in the coming years. It calls for more collaboration and innovation among governments, businesses, civil society, and consumers to seize this opportunity and create a more sustainable and prosperous future for all.
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