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New Report: Renewable Energy Sector On Track To Hit Net-Zero Goals By 2030

A new report from RMI suggests that we are on track to meet net-zero targets for renewable energy by the end of the decade.

"A net-zero power system is closer than we think.

New research, published by RMI, indicates that an exponential surge in renewable energy deployment is outpacing the International Energy Agency’s most ambitious net-zero predictions for 2030. 

That’s right: Surging solar, wind, and battery capacity is now in-line with net-zero scenarios. 

“For the first time, we can, with hand on heart, say that we are potentially on the path to net zero,” Kingsmill Bond, Senior Principal at RMI, said. “We need to make sure that we continue to drive change, but there is a path and we are on it.”

And that’s really good news.

Exponential growth in renewable energy has put the global electricity system at a tipping point. What was once seen as a wildly daunting task — transitioning away from fossil fuels — is now happening at a faster pace every year. 

Based on this new research, conducted in partnership with the Bezos Earth Fund, RMI projects that solar and wind will supply over a third of all global electricity by 2030, up from about 12% today, which would surpass recent calls for a tripling of total renewable energy capacity by the end of the decade. 

Global progress in the renewable energy sector

China and Europe have been leading the way in clean energy generation, but the deployment of renewable energy has also been widely distributed across the Middle East and Africa. 

Research from Systems Change Lab shows that eight countries (Uruguay, Denmark, Lithuania, Namibia, Netherlands, Palestine, Jordan, and Chile) have already grown solar and wind power faster than what is needed to limit global warming to 1.5°C, proving that a swift switch to renewable energy is not only feasible — it’s entirely achievable. 

In order to make that switch, globally, wind and solar need to grow from 12% to 41% by 2030. Denmark, Uruguay, and Lithuania have already achieved that increase in the span of eight years.

Meanwhile, Namibia, the Netherlands, Palestine, Jordan, and Chile have grown solar and wind energy at sufficient rates for five years...

The economic impact of climate progress

Not only is this an exciting and unprecedented development for the health of the environment, but this rapid transition to clean energy includes widespread benefits, like jobs growth, more secure supply chains, and reductions in energy price inflation. 

This progress spans both developing and developed countries, all driven to accelerate renewables for a number of different reasons: adopting smart and effective policies, maintaining political commitments, lowering the costs of renewable energy, and improving energy security. 

And with exponential growth of clean energy means sharp declines in prices. This puts fossil fuels at a higher, uncompetitive cost — both financially and figuratively. 

RMI suggests that solar energy is already the cheapest form of electricity in history — and will likely halve in price by 2030, falling as low as $20/MWh in the coming years. This follows previous trends: solar and battery costs have declined 80% between 2012 and 2022, and offshore wind costs are down 73%."

-via Good Good Good, July 12, 2023

Let me repeat that:

For the first time in history, we are on an actual, provably achievable path to net zero emissions