Wind and Solar Power's Impending Global Dominance by 2030: Riding the Winds of Change

Marking a significant shift in the global energy sector, by 2030, wind and solar projects are projected to account for more than a third of the world’s electricity.

[{"selector":"#anim-e333fa81-336d-4693-a747-4f653a8770af [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-26.75297606475561%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-2f62d9f9-a0bd-4d54-b09c-7f68d860b635","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Photo Source- Google

With a three- to fourfold increase from 2022 levels, renewable sources are poised to generate between 12,000 and 14,000 terawatt hours of power by 2030.

[{"selector":"#anim-1551a5d9-674c-4d00-8101-12d1beab4dbc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-9.822916552892394%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-7e4282cd-1d28-458a-82fc-1c85fec7b06f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Photo Source- Google

The demand for fossil fuel-based electricity is forecast to drop by up to 30% by 2030 from its 2022 peak.

[{"selector":"#anim-fb5ba993-d9fd-43e0-9732-5ddee2924ed6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-25.299107029082872%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-f4005960-de7e-46a2-97e9-76e57dc12d6f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Photo Source- Google

Dropping from the current rate of around $40, solar power is anticipated to cost as little as $20 per megawatt-hour by 2030 as the deployment of solar projects accelerates.

[{"selector":"#anim-ee2bb4c7-2896-43a7-a006-57093a92752b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-18.441071314740277%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-3322a784-23ff-44d9-9b08-e17dbbf8b1ad","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Photo Source- Google

According to research from the Systems Change Lab, eight countries have already built solar and wind generation capacities at a faster rate than necessary to limit global warming to 1.5 degrees Celsius above pre-industrial levels.

[{"selector":"#anim-05ed0e7a-339e-4abe-bc41-36fc98635a8d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-18.450446314797148%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-ebb3e550-9cb7-44df-b747-65c01be00a39","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Photo Source- Google

China and Europe are spearheading the adoption of clean energy technology.

[{"selector":"#anim-2ac742fe-afd0-4555-8c91-5b3fbb053fff [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-18.42700881465494%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-3d0d7bb6-8250-47ad-8888-f4d0db8dbc8c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Photo Source- Google

The cost of renewable electricity has plummeted in the last decade, with solar and battery costs dropping by 80% and onshore and offshore wind costs reducing by 57% and 73%, respectively.

[{"selector":"#anim-49e27808-5670-4053-bd4e-7f69a6cb40d8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-16.106696300575372%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-36224f25-b89f-49f5-9b99-992ccb06fb82","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Photo Source- Google

Given the current trajectory, the COP28 goal, which aims to triple renewable power capacity by 2030, is achievable.

[{"selector":"#anim-ba6e21b8-8f04-4ff9-9a96-40bc27dbf938 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-9.075446257910018%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-97c7d218-e15b-4bb8-a7b9-86006e099f55","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Photo Source- Google