- By 2030, renewables will account for over one-third of global electricity, with European nations and China most responsible for this growth.
- Fossil fuel demand for electricity will decrease by 30 per cent by 2030 as renewables become more cost-competitive and popular.
A new report by the Rocky Mountain Institute (RMI) has shown that renewables (wind and solar) will supply over one-third of electricity globally by 2030. The research also revealed that fossil fuel demand for electricity will decrease by 30 per cent from the 2022 peak by 2030 as renewables become more cost-competitive and popular.
The analysis, conducted in cooperation with the Bezos Earth Fund, highlights how active solar, wind and battery deployment growth might create opportunities for countries to achieve ambitious net-zero pathways by 2030.
According to the report, European nations and China are most responsible for this growth. However, the Middle East and Africa are also starting to catch up with many incentives to deploy more renewables. Speaking on the opportunities available for developing countries, the President and CEO of the Bezos Earth Fund, Andrew Steer, said that the exponential growth trend in renewable electricity can be harnessed to help developing countries get ahead of the curve and transition faster to a cleaner and more affordable electricity system.
The report further highlighted how high deployment rates drive intense price decreases, rendering hydrocarbons uncompetitive in most markets. As stated in Bloomberg’s New Energy Finance Data, solar and battery costs have decreased by 80 per cent between 2012 and 2022. Meanwhile, offshore and onshore wind costs were reduced by 73 per cent and 57 per cent, respectively.
“Exponential growth of clean energy is an unstoppable force that will put more spending power in consumers’ pockets. The benefit of rapid renewable deployment is greater energy security and independence, plus long-term energy price deflation because this is a manufactured technology – the more you install, the cheaper it gets,” Senior Principal, RMI, Kingsmill Bond added.