Wind and Solar Energy Projected to Generate 33% of Global Electricity by 2030

Earlier this year, Sultan Al Jaber, President of the upcoming UN Climate Summit (COP28), called for a tripling of renewable energy capacity by 2030 to reduce greenhouse gas emissions and fulfill the mandates of The Paris Agreement.

Wind and solar projects are forecasted to produce at least 33% of global electricity, up from approximately 12% at present. This transition is expected to lead to a reduction in fossil fuel-based power generation and a subsequent decrease in energy prices.

RMI is a U.S.-based non-profit organization focused on clean energy. This research was conducted in collaboration with the Bezos Earth Fund, a $10 billion fund established by Amazon founder Jeff Bezos to support climate change initiatives.

The cost of solar energy, including solar PV installations, currently recognized as the cheapest source of electricity, is projected to drop to $20 (€17.80) per megawatt-hour (MWh), down from the current rate of approximately $40 (€35.70) per MWh. This reduction is attributed to economies of scale as more projects are implemented.

Kingsmill Bond, Senior Principal at RMI, stated: “The benefit of rapid renewable deployment is greater energy security and independence, plus long-term sustainable energy price deflation because this is a manufactured technology – the more you install, the cheaper it gets.”

Source: EURONEWS