"renewable Energy Surge: How Solar And Wind Power Are Revolutionizing Electricity Generation In 2023" - By 2030, the global electricity system can deliver ambitious net-zero paths, according to new research conducted in collaboration with the Bezos Earth Fund. This exponential growth in renewable electricity is unlocking widespread benefits, including security of supply and job growth, as well as counteracting energy price inflation.
Complementary research from the Systems Change Lab, also released today, shows eight countries have already ramped up solar and wind generation faster than needed to limit the global wang to 1.5°C, showing that a rapid transition is possible. towards renewable energy.
"renewable Energy Surge: How Solar And Wind Power Are Revolutionizing Electricity Generation In 2023"
By 2030, solar and wind power are expected to supply more than a third of all global electricity, up from around 12% today. Based on forecasts, this would see solar and wind generate 12,000-14,000 TWh by 2030, 3-4 times higher than 2022 levels. It would also surpass recent calls up to COP28 to triple total renewable energy capacity by the 2030.
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Meanwhile, fossil fuel electricity demand will be down sharply, by up to 30% from its 2022 peak by 2030, as renewable electricity further outpaces hydrocarbons in cost, according to the analysis.
Some key countries and regions, including China and Europe, are leading the way in the adoption of clean energy technologies, with an exponential growth rate. However, the deployment of renewable energy is becoming more globally distributed, including in the Middle East and Africa, which are rapidly catching up and taking advantage of the global growth trend.
Uruguay, Denmark, Lithuania, Namibia, the Netherlands, Palestine, Jordan and Chile have already ramped up solar and wind generation at rapid rates, demonstrating that a rapid transition can be achieved in many different settings, as research from the Systems Change Lab shows.
Globally, wind and solar need to grow 12% to 41% by 2030, an increase of 29 percentage points. Denmark, Uruguay and Lithuania have already achieved such an increase over a comparable eight-year period. Namibia, the Netherlands, Palestine, Jordan and Chile have increased solar and wind generation at rates sufficient for five years.
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These countries have ramped up wind and solar power under very different circumstances. They span both developing and developed countries, with per capita GDP ranging from $4,000 to $67,000 annually. Countries have been driven to accelerate renewable energy by a variety of factors, including adopting smart and effective policies, maintaining political commitment, reducing renewable energy costs and improving energy security.
“The exponential growth trend in renewable electricity can be harnessed to help developing countries get ahead of the curve and move faster to a cleaner, more affordable electricity system,” Andrew Steer, President and CEO of the Bezos Earth Fund .
Exponential rates of uptake are driving down the prices of renewables at an unprecedented rate, making higher cost hydrocarbons uncompetitive in most markets.
Predicts that what is already the cheapest form of electricity in history will halve again by 2030, down to $20/MWh for solar from over $40MWh today.
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The cost of renewable electricity has plummeted over the past 10 years, overcoming a key obstacle to widespread deployment. Solar and battery costs fell 80% between 2012 and 2022, while offshore wind costs fell 73% and onshore wind costs fell 57%, BNEF data shows.
“The exponential growth of clean energy is an unstoppable force that will put more purchasing power in the pockets of consumers. The benefit of rapid deployment of renewables is greater energy security and independence, as well as long-term energy price deflation because it is a manufactured technology – the more you install, the less it costs,” said Kingsmill Bond, Senior Principal, .
This comes as the Global Stocktake, which provides the results of a two-year assessment of global efforts to meet the goals of the Paris Accords, is expected to highlight a serious shortcoming in the progress needed to stem the accelerating climate crisis. However, this retrospective assessment fails to account for the exponential growth of new energy technologies in the largest industries of the fossil fuel system. Electricity and road transportation account for more than half of fossil fuel demand and have reached tipping points in deployment to pave the way for widespread adoption.
“This is a clear signal for policy makers, businesses and investors to seize the opportunity to accelerate the energy transition. The call to triple investment and capacity in renewable electricity by 2030 is achievable. But only by removing the obstacles to a faster deployment of renewable energy, from simplifying petting to redirecting subsidies for polluting energy. Otherwise, the exponential growth we are witnessing and the resulting benefits could be unnecessarily nullified", Christiana Figueres, former Executive Secretary of the UNFCCC and founding partner of Global Optimism.
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The exponential approach models the rapid change of the new and concludes that the energy transition is on track. The key is to remove barriers to change and allow renewables to maintain their current growth trajectory.
To illustrate the difference between linear and exponential, consider the question of solar capacity in 2050. Suppose we need to deploy 30,000 GW of solar arrays by 2050 to get to net zero. In 2022 itself we deployed 250GW of solar panels according to BNEF and the total deployment at the end of the year was 1,200GW.
, founded as the Rocky Mountain Institute, is an independent, nonpartisan, nonprofit organization of experts across multiple disciplines working to accelerate the clean energy transition and improve lives. decarbonise energy systems through rapid market-based change in the world's most critical geographies to align with a 1.5°C future and address the climate crisis. We work with businesses, policymakers, communities and other organizations to identify and scale energy system interventions that will reduce greenhouse gas emissions by at least 50% by 2030.
Systems Change Lab aims to drive change at the pace and scale needed to address some of the world's biggest challenges: limiting global wang to 1.5 degrees C, halting biodiversity loss, and building a just and equitable economy. Convened by the World Resources Institute and the Bezos Earth Fund, Systems Change Lab supports the United Nations High Level Champions on Climate Change and works with key partners and funders including Climate Action Tracker (a project of the NewClimate Institute and Climate Analytics), ClimateWorks Foundation, Global Environment Facility, Just Climate, Mission Possible Partnership, Systemiq, University of Exeter, and the University of Tokyo's Center for Global Commons, among others. Systems Change Lab is a component of the Global Commons Alliance.
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Groundswell is a collaborative project, established by the Bezos Earth Fund, Global Optimism and Systems Change Lab to support a diverse and distributed choir of voices whose stories of achievements and further possibilities can inspire us all in this time of crisis.
This is Jeff Bezos' $10 billion pledge to fund scientists, activists, NGOs and other actors who will drive solutions for the climate and nature. By awarding funds creatively, wisely and courageously, the Bezos Earth Fund has the potential for a transformative influence in this defining decade. The funds will be fully allocated by 2030, the date by which the United Nations Sustainable Development Goals must be achieved.
When you sign up, we'll keep you informed with the latest news and insights through regular email communications. The addition of new renewable energy sources set new records last year, according to the latest Renewables Global Status Report.
The annual report, released Wednesday by the Renewable Energy Policy Network for the 21st Century (REN21), said 161 gigawatts (GW) were installed worldwide in 2016, bringing global capacity to nearly 2,017 GW, an increase of nearly 9 percent compared to 2015.
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Solar power accounted for about 47% of that capacity, with wind at 34% and hydroelectricity at 15.5%.
“The world is adding more renewable energy capacity every year than it is adding new capacity from all fossil fuels combined,” Arthouros Zervos, president of REN21, said in a news release.
Workers install panels at the site of what will be the largest solar power project in China's Yellow River DeltaImage: picture alliance/Zumapress
Solar generation, in particular, is growing worldwide at a much faster pace than expected, according to the latest Global Market Outlook.
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The report, published annually by the SolarPower Europe industry association, provides a comprehensive overview of projects in the photovoltaic sector. He predicts the solar boom will continue, with an ever-increasing number of new solar systems going live every year.
This year, plants capable of generating a total of 81 GW of solar energy are expected to add to global production. That's compared to 77 GW added in 2016 and 50 GW in 2015. A decade earlier, it was just 1 GW.
If the pace of growth doesn't slow, the report notes, solar power generation could double by the end of 2019 and triple by 2021.
China is one of the driving forces behind the solar energy boom. About 45% of the world's new solar plants were built there last year. The United States, Japan and India have also been major users of the technology, albeit significantly behind China.
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Germany, once considered a pioneer in solar energy, lags even further behind. In 2016, for example, it installed just under 2% of the world's new solar capacity. It is now classified
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