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Wind And Solar To Generate 33% Of Global Power By 2030

Wind and solar power generation will continue surging to the point of accounting for more than one-third of global electricity by 2030, up from 12% now, according to a new analysis by the Rocky Mountain Institute (RMI), a nonprofit organization focused on the energy transition. 

The expected further surge in wind and solar puts the global power system on track for the IEA’s ambitious net-zero pathway, RMI said in the research done in partnership with the Bezos Earth Fund.  

Based on the forecasts, the surge in renewables would see solar and wind generate 12,000-14,000 terawatt-hours (TWh) by 2030. This would be 3 to 4 times higher compared with 2022 levels, and would also exceed recent calls ahead of the COP28 climate summit for a tripling of global renewable energy capacity by 2030, RMI said.  

The cost declines wind and solar have achieved over the past 10 years are expected to continue with solar and wind roughly halving in price again by 2030. RMI’s analysis forecasts that solar prices will roughly halve again by 2030, falling to as low as $20 per megawatt-hour (MWh) for solar, compared to over $40 per MWh now.

Last month, the International Energy Agency (IEA) said in a report that the energy crisis in Europe, the Inflation Reduction Act in the United States, and the continued strong expansion of green energy installations in China are all expected to contribute to the biggest-ever increase in renewable energy capacity additions this year. 

Globally, new installations of renewable energy capacity are expected to surge to 440 gigawatts (GW) this year, up by 107 GW year-on-year and the largest increase in new capacity ever seen, the IEA said in its report. Solar photovoltaic (PV) additions are set to account for two-thirds of the increase in renewable power capacity this year.  

By Michael Kern for Oilprice.com

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  • jack Prong on July 16 2023 said:
    Wind And Solar To Generate 33% Of Global Power By 2030
    WRONG! They're ripping out all those wind generators and solar panels in Europe to replace them with reliable power generation: gas, nuclear, coal.
  • Art on July 16 2023 said:
    This may be true if we didn’t have an increase in demand, but in all likelihood we will still be near the same percentage contribution of renewables vs fossil fuels globally.
  • Mamdouh Salameh on July 14 2023 said:
    Despite an estimated expenditure exceeding $12 trillion over the last 25 years on renewables (solar and wind), they only account currently for 12% of global electricity generation.

    Now a new analysis by the Rocky Mountain Institute (RMI) in the United States is projecting that solar and wind energy will account for one-third of global electricity by 2030. This compares with 35% for coal and 23% for natural gas currently.

    Based on the time and expenditure it took solar and wind power to generate 12% of global electricity, I calculated that it will take them a minimum of 69 years and an estimated expenditure of $23 trillion to account one-third of global electricity. And if we add the intermittency factor, the numbers increase to 75 years and $27.0 trillion.

    Moreover, the IEA’s la-la-Land net-zero 2050 roadmap is already dead and buried.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert
  • George Doolittle on July 14 2023 said:
    Wind already far outpaces natural gas for electrical Generation in Texas...hardly a *"lacking"* energy consumer there needs noting.

    In the meantime coal which has near wholly been displaced by natural gas in the combustion fuels market now must look and see Texas and wind power as the example it most surely is as to the possibilities moving forward for grid scale electric.

    Long $ibm International Business Machines
    Strong buy
  • Al Goobi on July 14 2023 said:
    Im 100% for a transition away from fossil fuels but viewing that its not feasable at all at this "fast" rate.

    It will take over 100 years and it has to take the time it needs.

    When something is forced politically it always garanteed 100 %, always always (yes needs repeating!!) ends in complete and utter failure.
  • Al Goobi on July 14 2023 said:
    Wind is a questionable energy source, unpredictable, consumes alot of oil (500litres per year for transmission gear) and has only 20 year life spann (and only 10 off shore).

    And noone wants to have a spinning huge propeller on their lawn. Also the concrete which the propeller is mounted on is mined using oil(diesel). And the copper is mined using oil(diesel).

    And the wings will be deposited in the earth - using oil(diesel).

    Just to idologically rush into wind thinking its honkeydory is idiocracy.

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