Aerial of solar panel farm in rural area, Thailand, June 2023. Photo Credit: Thianchai Sitthikongsak/Getty Images

Environment The World29. February 2024

Renewable Energy Rapidly Getting Cheaper and More Accessible

Clean electricity from nuclear, solar, wind, and hydro is forecasted to meet all global demand growth over the next three years.

In other words, almost half of the world’s electricity generation will be generated by low-emissions sources by 2026. Renewables are also set to fully offset the demand growth that is expected to happen in advanced economies within the next few years.

As of 2023, about 39 percent of the world’s total electricity is generated by low-emissions sources. Over the next three years, green energy is expected to rise to twice the annual growth rate that occurred between the years of 2018 and 2023. Given that the power sector emits more carbon dioxide emissions than any other industry, this rise in renewables is a very welcome change. Furthermore, with the availability of solar power at cheaper costs than ever before, the renewables industry is expected to fully overtake the coal industry as early as 2025. Projections reveal that global carbon dioxide emissions from electricity generation are expected to fall by more than 2 percent in 2024, with similar trends projected for 2025 and 2026.


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