Renewable Energy Revolution: RMI Predicts Solar and Wind to Supply One-Third of Global Electricity by 2030

According to a groundbreaking report from the non-profit organization RMI, solar and wind power are set to undergo unprecedented growth, supplying over one-third of the world's electricity by 2030, surpassing the current 12% mark.

RMI's projections indicate that by 2030, solar and wind energy generation could reach a staggering 12,000 to 14,000 TWh, three to four times higher than the levels recorded in 2022. These estimations also surpass the recent COP28 climate summit's call to triple renewable energy capacity by 2030.

The report further predicts a dramatic 30% decrease in fossil fuel demand by 2030, attributed to the cost-effectiveness of renewable energy sources. The rapid deployment of renewables is causing a significant reduction in prices, making higher-cost hydrocarbons lose competitiveness in most markets. Over the past decade, the cost of renewable electricity has seen substantial declines, overcoming a key barrier to widespread adoption. Citing data from BNEF, RMI highlights that solar and battery costs have dropped by 80% from 2012 to 2022, offshore wind costs have decreased by 73%, and onshore wind costs have fallen by 57%.

Moreover, RMI forecasts that the cost of renewable energy, already considered the most affordable form of power in history, will halve once again by 2030, dropping from the current rate of over $40 per MWh to $20 per MWh.

Kingsmill Bond, Senior Executive at RMI, expressed his enthusiasm, "The exponential growth of clean energy is an unstoppable force, empowering consumers with greater affordability. Rapid renewable energy deployment brings enhanced energy security and independence, along with long-term deflation in energy prices; the more we install, the cheaper it becomes."

The upcoming United Nations Global Assessment, which evaluates progress towards the goals of the Paris Agreement every two years, is expected to highlight significant shortcomings in achieving energy transition targets. RMI emphasized that this review overlooks the exponential growth of new energy technologies in the fossil fuel industry's largest sectors. Electricity and road transport, accounting for over half of fossil fuel demand, have reached critical points of deployment, paving the way for widespread adoption.

The Paris Agreement, established during the COP21 climate conference in December 2015, aims to limit global warming well below 2.0 degrees Celsius and strives to keep it within 1.5 degrees Celsius. The agreement also intends to strengthen countries' abilities to cope with the impacts of climate change and supports their efforts towards a sustainable future.

RMI's report also highlights the diversity of countries embracing renewable energy, in addition to European and Chinese leaders. Citing research from the System Change Lab, RMI notes that Uruguay, Denmark, Lithuania, Namibia, the Netherlands, Palestine, Jordan, and Chile have demonstrated "rapid" deployment of solar and wind power, proving that "rapid transformation can be achieved in various circumstances."

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