A new report projects wind and solar power will comprise more than a third of the global energy capacity by 2030. The report was conducted by the Rocky Mountain Institute (RMI), a U.S.-based clean energy nonprofit, in partnership with the Bezos Earth Fund, which was started by Jeff Bezos, Amazon.com, Inc founder.
While solar and wind currently make up 12 percent of the worldwide electricity, it is predicted to reach 33 percent, according to the report.
“The benefit of rapid renewable deployment is greater energy security and independence, plus long-term energy price deflation because this is a manufactured technology — the more you install the cheaper it gets,” Kingsmill Bond, senior principal at RMI, said.
The RMI report said that the more economies build, the more solar projects will develop and solar energy cost will continue to decrease. The current cost is $40 per megawatt hour (MWh), but Reuters reported it could go as low as $20 per MWh.
“Despite a 5% reduction in the cost of fossil fuel-fired projects over the last six months, onshore wind and PV remain the cheapest new-build technologies to produce electricity in countries covering 82% of global electricity generation,” according to a press release from Bloomberg New Energy Finance.
The RMI report said that by 2030, solar and wind are “predicted to generate 12,000 to 14,000 terawatt hours of power”— this is three to four times the capacity of 2022 levels, EcoWatch reported.
“Exponential growth of clean energy is an unstoppable force that will put more spending power in the pockets of consumers,” Bond said.
Currently, Europe and China lead the way in transitioning to clean energy technology.
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