Photovoltaics and wind are becoming more affordable

by RMI and the Bezos Earth Fund shows that by 2030, the surge in solar, wind and other capacity will be consistent with the requirements of the zero emission scheme. Projections show that solar and wind will account for a third of all electricity by 2030 (currently about 12%), while the major cost declines of the past 10 years are expected to continue, with the price of solar and wind expected to halve again by 2030. Research by

Systems Change Lab also shows that eight countries, including Uruguay, Denmark and Namibia, have demonstrated that this is possible, and that they are scaling up solar and wind energy faster than required by the International Energy Agency's 1.5 ° C global warming limitation scheme.

This exponential growth has allowed the power system to reach a global tipping point where the transition from fossil fuels to renewable energy becomes difficult to reverse, which also means that the demand for fossil fuels in the power sector has peaked and will begin to decline significantly by the end of this decade. By 2030, the target of three times the renewable energy capacity in 2022 will be achieved,

as long as further barriers are removed, including grid investment, simplification of permits, improvement of market structure and increase of energy storage.

According to RMI, solar and wind will account for a third of the world's electricity by 2030, up from about 12% today. According to these projections, solar and wind energy will generate 12,000-14,000TWh of electricity by 2030, 3-4 times the 2022 level. It would also exceed COP28's latest call to triple total renewable capacity by 2030.

At the same time, demand for fossil fuels in the power sector will decline sharply by 2030, with a projected decline of up to 30% from the peak in 2022, as renewable energy further outstrips hydrocarbons in cost. Certain key countries and regions,

including China and Europe, are adopting clean energy technologies at an exponential rate. However, renewable energy deployment is also increasingly fragmented across the globe, including regions such as the Middle East and Africa, which are rapidly catching up and capitalizing on global growth trends.

Uruguay, Denmark, Lithuania, Namibia, the Netherlands, Palestine, Jordan, and Chile have expanded solar and wind power at a furious pace.