By 2030, solar and wind energy will account for more than one-third of the world’s electricity, a significant increase from the current 12%.
That’s according to a new study by the Rocky Mountain Institute (RMI) which suggests this projected growth would result in solar and wind generation reaching 12,000-14,000TWh by 2030, three to four times higher than the levels recorded in 2022.
The RMI analysis also predicts a decline in fossil fuel demand for electricity, potentially dropping by up to 30% from the peak recorded in 2022 by 2030.
This decline is attributed to the increasing cost competitiveness of renewable electricity, which outperforms traditional hydrocarbons.
Andrew Steer, President and Chief Executive Officer of the Bezos Earth Fund said: “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.”