Source: Katadata.co.id | May 29, 2024

Renewable energy sources accounted for 30.3% of global electricity last year. This figure is up from 29.4% in 2022, as solar project capacity increases.

Based on the Global Electricity Review report from the energy research institute Ember, the growth of solar and wind power generation will push renewable energy production to reach a record 30% of total global electricity production by 2023.

This puts the global target of doubling renewable energy capacity by 2030 within reach.

Reducing fossil fuel use and emissions in the electricity sector is considered critical to achieving global climate targets.

At the COP28 climate summit in Dubai last year, more than 100 countries agreed to double their renewable energy capacity by 2030.

Ember reports that renewable energy sources account for 30.3% of global electricity due to increasing solar project capacity.

“The increase in solar power capacity that occurred during 2023 really opens up the possibility that we can reach that level of renewable energy by 2030, and the tripling of capacity promised at COP28,” said Ember Global Insight Director Dave Jones, quoted by The Business Standard on Friday ( 5/17).

More than half of global solar and wind capacity additions last year occurred in China, with total global solar production up 23.2% and wind power up 9.8%.

For the target to be achieved, industry experts stated that issues related to grid connections and permits for new projects need to be resolved.

In the report, the continued growth of renewable energy is predicted to cause electricity production from fossil fuels to fall by 2% in 2024.

The growth also pushed electricity production from fossil fuels to less than 60% of total global electricity production for the first time since at least 2000.

“Reducing emissions in the electricity sector is now inevitable. However, the speed of reducing emissions depends on how quickly the renewable energy revolution continues,” said Dave, quoted by Bloomberg on Wednesday (8/5).

The rise in renewable energy has been driven largely by solar power generation in recent years, Ember data shows.

Solar power production costs have dropped drastically as manufacturers in China increase supply and offer the lowest prices in history.