Solar, wind to produce a third of global energy by end of decade – report (NYSEARCA:TAN)
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Wind and solar energy are projected to produce more than a third of total energy in the world by 2030, according to a new report published by the Rocky Mountain Institute.
“Exponential growth of clean energy is an unstoppable force,” with wind and solar expected to generate a combined 33% of global power generation by the end of the decade compared to 12% currently, according to the report.
“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,” RMI said.
The report said the cost of renewable electricity has plummeted over the past 10 years, with solar and battery costs down 80% during 2012-22, while offshore wind costs are down 73% and onshore wind costs are 57% lower.
The report concludes the COP28 goal for renewable power, which seeks to triple capacity by 2030, is within reach as long as barriers such as grid investment, streamlined permitting and greater storage are made.
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