2023 will go down in history as the year of the energy turning point. For the first time, renewable energies haveo generated 30% of the world's electricity, with solar and wind in the lead. But it's not just a matter of records. This data marks the point of no return: the decline of fossil fuels. It is no longer a prediction, but a fact. The numbers speak for themselves: the growth of solar and wind has outpaced the increase in energy demand. In short, here we are.
Solar and wind are driving the energy transition
According to the 2023 Global Electricity Review report of the Ember think tank, solar energy was the main driver of renewable growth last year, marking the 19th consecutive year as the fastest growing source of electricity and once again surpassing wind as the largest source of new electricity for the second year in a row. This has led to renewable energy generating a record 30% of global electricity in 2023.
The increase in solar capacity that occurred during 2023 really unlocks the possibility of reaching that level of renewables by 2030 and the tripling of capacity promised at COP28.
Dave Jones, director of Ember global analytics.
The report states that about half of the world's economies has already exceeded its peak emissions period by at least five years. OECD countries predictably lead this charge, with collective emissions from the electricity sector leading they peaked in 2007 and declined 28% in subsequent years. As a result, the IEA's path to net zero emissions has flattened considerably, becoming much more achievable by 2030 than previous estimates.
The next decade will see the energy transition enter a new phase. The permanent decline in the use of fossil fuels in the electricity sector globally it is now inevitable.
From the report.
Ok, the point of no return. And then?
Despite this progress, there is no victory. On the contrary. Things got worse. Seriously. Let me explain: Global emissions WOULD have actually fallen by 1,1% in 2023 under normal circumstances, with hydropower at full capacity. However, severe droughts in multiple regions have caused hydroelectric generation to decline. This energy deficit has been covered by increased coal-fired generation, instead increasing emissions by 1%. Only four countries severely affected by drought accounted for 95% of the increase in coal-fired generation, with China, India, Vietnam and Mexico being the main culprits.
Despite these challenges, the trend is clear: renewable energies are gaining more and more ground, while fossil fuels begin their inexorable decline. With growth of renewables which exceeds the increase of energy demand, we can look to a future where clean energy is no longer an alternative, but the norm. 2023 marks a crucial turning point in this journey towards a more sustainable world and low emissions carbon. The energy transition is in full swing and there is no doubt what the end result will be: a future where sun, wind and other renewable sources power our homes, our industries and our lives, leaving the fossil fuel era behind as a thing of the past.
