Ember, a UK-based nonprofit specializing in renewable energy data, has released its much-anticipated global electricity report for 2024, shedding light on the current state and future trajectory of clean energy production. The report, which serves as an annual snapshot of the renewable energy landscape, carries encouraging news for advocates of clean energy worldwide.
In 2023, renewables accounted for a historic 30% of global electricity generation, propelled by remarkable growth in solar and wind energy. This surge in renewable capacity, particularly in solar and wind installations, signals the onset of a transformative shift towards cleaner energy sources. Ember suggests that 2023 may have marked a pivotal moment, representing the peak of emissions in the power sector.
The rise of renewables, spearheaded by solar and wind technologies, is not only curbing emissions growth but actively displacing fossil fuel generation. This trend heralds a new era where renewable energy sources exert pressure on fossil fuels, potentially leading to their decline. Despite challenges such as drought-induced reductions in hydropower, coal‘s market share is expected to diminish in 2024, paving the way for a decrease in fossil fuel generation.
Al Jazeera lauded Ember’s findings, highlighting the rapid expansion of solar and wind capacity, which has outpaced fossil fuel growth for five consecutive years. This year, renewables are projected to further erode fossil fuels’ market share by 2%, marking the beginning of a decade-long process aimed at phasing out fossil fuel reliance in numerous developed economies.
Over the past decade, renewable energy capacity has grown by an average of 3.5% annually, a significant increase compared to the previous decade. This surge can be attributed to declining costs of photovoltaic panels and wind turbines, coupled with enhanced productivity. Dave Jones, one of the report’s lead authors, anticipates 2024 to be a turning point, driven by the full-year impact of newly installed capacity and a considerable decrease in solar panel prices.
Ember forecasts a remarkable expansion of renewable generation in 2024, with an estimated addition of 1,221 terawatt-hours (TWh) of electricity supply, more than double the figure from the previous year. This exponential growth in renewable energy is poised to trigger a significant decline in fossil fuel generation, marking a transformative milestone in the global energy landscape.
As the world witnesses a surge in renewable energy deployment, experts emphasize the need for sustained investment and policy support to accelerate the transition towards a cleaner, more sustainable energy future. With renewables on the rise, the stage is set for a decisive shift away from fossil fuels, signaling a promising outlook for a greener world.