The report said the growth demonstrates that the energy sector will be able to take the necessary steps to meet worldwide climate targets, reported Reuters. Solar and wind currently generate around 12 percent of electricity worldwide, but that is expected to grow to a minimum of 33 percent, offering less expensive energy and pushing out fossil fuel-generated power, the report said. “Exponential growth of clean energy is an unstoppable force that will put more spending power in the pockets of consumers,” said Kingsmill Bond, senior principal at RMI, in a Climate Action press release. The RMI report pointed out that solar and wind are predicted to generate 12,000 to 14,000 terawatt hours of power by 2030, which is three to four times the capacity of 2022 levels. At the same time, by 2030 fossil fuel electricity demand will drop rapidly to as low as 30 percent below its peak in 2022, the report said.

Source: The Guardian July 17, 2023 17:39 UTC