Wind and solar to produce over a third of global power by 2030: Report - The Economic Times
Wind and solar to produce over a third of global power by 2030: Report - The Economic Times
Sultan al-Jaber, president of the next UN climate summit, COP28, earlier this year called for a tripling of
renewable energy generation by 2030 to curb greenhouse gas emissions and help reach goals set under the 2015
Paris climate agreement.
Exponential sector growth means wind and solar projects are predicted to generate at least 33% of global electricity, up from around 12% now, leading to a fall in fossil fuel-powered generation and cheaper power, the RMI report showed.
The RMI, a U.S.-based non-profit organisation focused on clean energy, carried out the research in partnership with the
Bezos Earth Fund, a $10 billion fund created by Amazon owner Jeff Bezos to help fund solutions to climate change.
The cost of solar power, which is already the cheapest form of electricity production, will fall as low as $20 per megawatt hour (MWh) from around $40 MWh currently, as more projects are deployed and economies of scale improve, the report said.
"The benefit of rapid renewable deployment is greater energy security and independence, plus long-term energy price deflation because this is a manufactured technology - the more you install the cheaper it gets," said Kingsmill Bond, Senior Principal at RMI.
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Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.