Solar & Wind Energy Will See A 29% Growth By 2030

Solar & Wind Energy Will See A 29% Growth By 2030

According to a new report by RMI and Bezos Earth Fund, renewable sources will provide one-third of the world’s electricity by 2030, compared to the current 12% contribution.

Solar, wind, and batteries are following a common trend for new technologies. As prices decrease due to learning curves, there is a significant increase in new capacity. Factors such as the introduction of new solar and battery capacity, policy goals, the momentum of change, and the pattern of S curves all indicate that solar and wind generation will continue to grow exponentially at a rate of 15%–20% per year for the remainder of this decade.

A combination of factors such as economic benefits, energy security, climate concerns, and reduced local pollution are driving significant changes in the global electricity sector. The report also predicts that the cost of solar power, which is already the cheapest energy source ever, will decrease by 50% by the end of the current decade.

Meanwhile, fossil fuel demand for electricity will be in steep decline, the RMI analysis says. It foresees a decrease of up to 30% from the 2022 peak by 2030 as renewable electricity further out-competes hydrocarbons on cost.

Although some people believe that there are many obstacles that make it impossible to transition to renewable energy, progress is still being made. While these barriers may be specific to certain areas, the solutions to overcome them are universal and will ultimately overpower resistance to change.

According to predictions, solar and wind energy could produce 14,000 TWh of electricity by 2030, which is three to four times more than current levels and would surpass the amount generated by fossil fuels. To achieve this, the global share of wind and solar energy needs to increase from 12% to 41% by 2030, a 29% growth.

“If we keep messing with nature, it’s gonna collapse and drag us down too. We gotta start thinking differently.”

Reference- RMI Report, Clean Technica, National Geographic, Aeon Newsletter Essay