According to recent studies by RMI and the Bezos Earth Fund, the world is on track to achieve ambitious net-zero targets through a surge in solar, wind, and battery capacity by 2030. Solar and wind are expected to supply over a third of global power by then, compared to the current 12%, and the prices of these renewable sources are predicted to drop by half by 2030. Additionally, research from Systems Change Lab shows that eight countries, including Denmark and Uruguay, have already scaled up their renewable energy generation faster than required to limit global warming to 1.5°C. This exponential growth in renewable energy has put the world’s electricity system at a global tipping point, where a shift away from fossil fuels has become irreversible, and fossil fuel demand in the electricity sector will decline steeply by the end of the decade.
Resource: https://esgnews.com/rmi-report-wind-and-solar-to-produce-over-a-third-of-global-power-by-2030/