According to a study released by the Rocky Mountain Institute (RMI), renewable energy projects such as solar and wind are expected to generate more than a third of the world’s electricity by 2030.
Prices for energy will decrease as wind and solar energy output rise.
This shows the energy industry can bring the change required to meet the global climate targets.
In 2023, Sultan al-Jaber, the president of UN climate summit, COP28, demanded that by 2030, the generation of renewable energy be tripled in order to reduce greenhouse gas emissions and contribute to the achievement of targets outlined in the 2015 Paris Climate Agreement.
Are we on pace to meet the renewable energy targets?
It is anticipated that wind and solar projects would account for at least 33% of the world’s electricity by 2022, up from the current percentage of about 12% due to exponential sector expansion. The RMI report demonstrated that this will result in a decrease in fossil fuel-powered generation and less expensive power.
The research was conducted in collaboration with the Bezos Earth Fund, a $10 billion fund established by Amazon owner Jeff Bezos to assist finance climate change solutions. The RMI is a U.S. non-profit organization that focuses on sustainable energy.
As additional projects are implemented and economies of scale increase, the cost of solar power, which is now the least expensive method of producing electricity, will drop as low as $20 (€17.80) per megawatt hour (MWh) from about $40 (€35.70) MWh currently, according to the paper.
Kingsmill Bond, Senior Principal at RMI, argued that the advantage of rapid renewable deployment is increased energy security and independence as well as long-term energy price deflation because this is a manufactured technology that becomes less expensive the more installed.
Font: Euro News
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