Clean Energy Rise: One-third of Power from Wind, Solar by 2030

In a striking revelation, a study by US-based nonprofit Rocky Mountain Institute (RMI) anticipates that by 2030, solar and wind projects may comprise over a third of global energy capacity. The upward trend offers an optimistic view towards meeting global climate targets, as per Reuters.

While solar and wind currently contribute to approximately 12% of global electricity production, this is forecasted to escalate to at least 33%, leading to cheaper energy alternatives and curtailing dependence on fossil fuels, the report outlines.

"Clean energy's exponential growth is an invincible force that is set to empower consumers with more spending capabilities," articulated Kingsmill Bond, senior principal at RMI, in a Climate Action news release.

The report foresees that by 2030, solar and wind will generate between 12,000 and 14,000 terawatt-hours of power, three to four times the capacity of 2022. Presently, Europe and China are the forerunners in adopting clean energy technology.

The study also anticipates that the demand for fossil fuel electricity will plummet by up to 30% below its 2022 peak by 2030.

"Even with a 5% cost decrease in fossil fuel-fired projects in the past six months, onshore wind and photovoltaics remain the most economical new-build technologies for power production in countries constituting 82% of global electricity generation," stated a Bloomberg New Energy Finance press release.

The RMI report further noted that the cost of solar energy, already the most affordable electricity production option, will decline even further from its current $40 per megawatt-hour (MWh) to a low of $20 per MWh, as per Reuters.

Bond asserted the advantages of accelerated renewable deployment, highlighting that "greater energy security and independence, along with long-term energy price deflation, come with this manufactured technology. The more you install, the cheaper it gets."