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Wind and solar power are expected to produce more than a third of the world’s total energy by 2030, according to a New report Published by the Rocky Mountain Institute.
‘The exponential growth of clean energy is an unstoppable force’ with Wind and solar combined are expected to generate 33% of global power generation by the end of the decade compared to 12% currently, according to the report.
“The benefit of rapid deployment of renewable energy is greater energy security and independence, as well as lower energy prices in the long term because this is a manufactured technology – the more installed it is, the cheaper it will be.” RMI said.
The cost of renewable electricity has fallen over the past 10 years, the report said, with solar and battery costs falling 80% during 2012-22, while offshore wind costs fell 73% and onshore wind costs 57%.
The report finds that the COP28 renewable energy target, which seeks to triple capacity by 2030, is within reach as long as barriers such as grid investment, streamlined permits, and larger storage are put in place.
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