Growth in Renewable Energy Sources to Transform Global Power Supply by 2030

A recent report from the Rocky Mountain Institute (RMI) signals a transformative shift in the global energy sector, predicting that wind and solar power will generate over a third of the world’s electricity by 2030. This transition is a critical step toward fulfilling the objectives outlined in the Paris climate agreement of 2015.

The anticipated rapid growth in renewables is a promising sign that the energy sector is capable of meeting the urgent demands of global climate goals. Current estimates show that wind and solar projects produce around 12% of the world’s electricity. But thanks to exponential growth in these sectors, these renewables are set to produce at least 33% of worldwide electricity by 2030, the report detailed.

Calls for Tripling Renewable Energy Generation

Earlier this year, Sultan al-Jaber, president of the upcoming UN Climate Summit, COP28, stressed the necessity of tripling renewable energy generation by 2030. His call-to-action aims to significantly reduce greenhouse gas emissions in alignment with the Paris climate agreement’s goals.

The Impact on Fossil Fuel and Energy Costs

The expected rise in renewable energy generation will directly contribute to a decline in fossil fuel-powered energy generation, which, in turn, should drive down power costs. The RMI report indicates that the cost of solar power – presently the least expensive form of electricity production – will drop to as low as $20 per MWh, a 50% reduction from the current rate of around $40 MWh. This is largely attributed to more renewable projects coming to fruition and the resulting economies of scale.

The Role of the Bezos Earth Fund

RMI’s research was conducted in collaboration with the Bezos Earth Fund, a $10 billion initiative established by Amazon founder Jeff Bezos. The fund’s mission is to financially support solutions to climate change, a goal aligned with RMI’s focus on clean energy.

Long-Term Benefits of Renewable Energy Deployment

Kingsmill Bond, Senior Principal at RMI, emphasized the benefits of this substantial shift towards renewable energy. Beyond helping the environment, Bond noted that rapid renewable energy deployment would lead to enhanced energy security and independence. Moreover, he pointed out that a significant decrease in energy prices could be expected, stating, “this is a manufactured technology – the more you install the cheaper it gets.”

Frequently Asked Questions

1. What is the anticipated percentage of global electricity to be produced by wind and solar by 2030?

By 2030, it’s expected that wind and solar power will generate at least 33% of the world’s electricity.

2. How will this growth in renewable energy affect the cost of electricity?

As more renewable energy projects are launched and economies of scale improve, the cost of electricity is expected to decrease. This includes a projected reduction in the cost of solar power, the current cheapest form of electricity, from around $40 MWh to as low as $20 MWh.

3. Who is Sultan al-Jaber?

Sultan al-Jaber is the president of the upcoming UN climate summit, COP28. He has been actively advocating for a tripling of renewable energy generation by 2030.

4. What is the Bezos Earth Fund?

The Bezos Earth Fund is a $10 billion initiative set up by Amazon’s founder, Jeff Bezos. The fund’s purpose is to financially support solutions to climate change.

5. What is the Rocky Mountain Institute (RMI)?

The RMI is a U.S.-based non-profit organization focused on clean energy. The institute conducts extensive research and provides insights into the benefits and growth of renewable energy.

References:

  1. Rocky Mountain Institute (RMI): https://rmi.org
  2. The Paris Agreement 2015: https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement
  3. Bezos Earth Fund: https://www.bezosearthfund.org
  4. UN Climate Change Conference (COP28): https://unfccc.int/cop28

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