Findings from RIM (formerly the Rocky Mountain Institute) suggest wind and solar energy will provide over 33% of global electricity by 2030. This research was conducted with the Bezos Earth Fund.
Supplying 1/3 of Global Electricity
Research from RMI has unveiled a significant projection: wind and solar energy are poised to provide more than one-third of the world's electricity by 2030.
This underscores the potential for robust expansion in solar, wind, and battery deployment, potentially paving the way for nations to achieve ambitious net-zero targets by the close of this decade.
Furthermore, the analysis sheds light on a shift away from fossil fuels. It anticipates a potential 30 percent reduction in fossil fuel electricity demand from its 2022 peak to 2030. As renewable energy sources become increasingly cost-effective and popular, this transition is expected to gain momentum.
Remarkably, the report notes that solar and battery costs have experienced an 80 percent decline from 2012 to 2022. Meanwhile, both offshore and onshore wind costs have decreased by 73 percent and 57 percent.
Leading the charge in this growth are European countries and China, with the Middle East and Africa also making strides and offering compelling incentives for increased renewable energy adoption.
Andrew Steer, President and CEO of the Bezos Earth Fund, emphasized the potential of this exponential growth in renewable electricity to propel developing nations forward, enabling them to transition swiftly toward a cleaner and more cost-effective electricity system.
The report underscored the remarkable deployment rates that are driving significant price reductions, rendering hydrocarbons uncompetitive in most markets.
Kingsmill Bond, Senior Principal at RMI, described the exponential growth of clean energy as an unstoppable force that benefits consumers by putting more spending power in their hands.
Rapid renewable deployment enhances energy security, fosters independence, and leads to long-term energy price deflation, thanks to the inherent nature of this technology where increased installation results in lower costs.
Concerns from Public
Interesting Engineering reported that the continuous expansion of renewable energy sources is driven by the urgent global demand to combat climate change through the adoption of sustainable energy solutions.
Christiana Figueres, Former Executive Secretary of UNFCCC and a Founding Partner of Global Optimism, emphasizes that this trend sends a clear message to policymakers, businesses, and investors.
It calls for the acceleration of the energy transition, including the goal of tripling investments and capacity in renewable electricity by 2030.
Achieving this target is feasible, but it requires the removal of obstacles hindering the rapid deployment of renewables. These obstacles include simplifying permitting processes and redirecting subsidies away from polluting energy sources.
Back in November 2019, RMI unveiled a report showcasing the rapid and impressive growth of clean electrification in the transportation sector. The report also set a target for achieving this ambitious goal by 2030.
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