A renewable energy renaissance swept the globe in 2022, with wind and solar power propelling worldwide electricity generation to its greenest level yet. Ember, an independent climate think tank, reveals that 12% of global power came from solar and wind last year, up from 10% in 2021.
Solar energy continued its 18-year reign as the fastest-growing electricity source, shining with a 24% increase, enough to power South Africa. Meanwhile, wind generation rose by 17%, nearly enough to electrify the entire UK.
Ember’s senior electricity analyst predicts that clean electricity will reshape industries like transport, and the end of gas power growth is within sight.
Despite the roaring applause for renewables, the show isn’t over for fossil fuels. Coal, the dirtiest performer, still played the leading role, generating 36% of global power in 2022. In fact, fossil fuels met the remaining gap in energy needs, pushing emissions to new record highs.
Damningly, the renewable energy revolution is not fast enough to outpace the world’s electricity demands. “The deployment of wind and solar needs to be massively and urgently accelerated,” said Damilola Ogunbiyi, U.N. representative for Sustainable Energy for All.
Analysts predict a 0.3% drop in fossil generation this year, expecting steeper falls as wind and solar deployment speeds up. By 2030, wind and solar must comprise 41% of the global power mix to meet net-zero targets.
As the curtain falls on the fossil age, the question remains: Can we accelerate the renewable revolution fast enough to avert a climate catastrophe?
THINK LIKE AN ECONOMIST!
Q1. Define the term “renewable energy” as used in the article.
Q2. Explain one reason for the rapid growth in solar and wind power generation in recent years.
Q3. Using a supply and demand diagram, analyse how an increase in renewable energy production affects the market for fossil fuels.
Q4. Discuss the potential advantages and disadvantages of transitioning from fossil fuels to renewable energy sources for electricity generation.
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