RMI, formerly known as the Rocky Mountain Institute, in collaboration with Bezos Earth Fund has released a new report stating that in 2030, one third of all electricity in the world will be generated from solar panels and wind turbines.
RMI notes an exponential growth in the production of solar and wind electricity at a rate of 15-20% per year by the end of this decade.
Rapid growth will result in the annual output of solar and wind power plants to grow 3-4 times from 2022 levels, and it amount to 12,000-14,000 terawatt-hours (TWh) in 2030, pro-arctic.ru reports.
According to RMI calculations, the demand for fossil fuels from the electric power industry will decrease sharply and may fall by a significant 30% by 2030.
The RMI study shows that China and Europe are leading the way in green energy technologies. At the same time, the use of renewable energy sources is becoming more evenly distributed around the world.
According to RMI, exponential deployment rates are driving down renewable energy prices at an unprecedented rate, making more expensive hydrocarbons uncompetitive in most markets.
It is predicted that up to 2030, the cost of solar energy may decrease by half - from $40 per MWh to $20 per MWh.
According to scenarios outlined by the International Energy Agency, the share of solar and wind energy in electricity generation can range from 25% to 41%, depending on the scenario.
Alex Shishlo for Rough&Polished
