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In 2023, solar PV and wind energy accounted for nearly 80% of global net generation capacity. By 2023, four times more solar and wind electricity generation capacity will be installed than all other electricity sources combined.
The fastest energy shift in history is still underway. In 2023, solar PV and wind accounted for nearly 80% of global net additions to generating capacity. In 2023, four times more new solar and wind electricity generation capacity was installed than everything else combined (gas, coal, hydroelectric, nuclear and others). This provides compelling market-based evidence that solar and wind are the best options for new generation capacity.
The accumulated global installed solar capacity exceeded 1.4 TW, and the accumulated production reached 1.7 TW, which is more than tenfold compared to ten years ago, and is doubling every 3 years. New solar capacity is being installed faster than at any time in history.
Total installed solar capacity surpassed total installed nuclear capacity in 2017; It surpassed wind in 2022 and hydro last year, and should surpass fossil gas in 2024. At current growth rates of 20% per year, solar will surpass coal in 2025 and become the largest component of energy. global generation capacity. Current growth rates also suggest that solar will reach 9 TW by 2031, and there will be more solar generating capacity than everything else combined.
The rapid and sustained growth of solar and wind generation capacity points to their future dominance of power generation, because the ever-increasing growth in global electricity demand is effectively met by solar and wind energy, not fossil or nuclear. This growth in electricity demand is caused by increasing wealth, increasing population, and the “electrification of everything.”
The “electrification of everything” will eventually allow solar and wind to displace fossil fuels from most functions through electric vehicles, electric heat pumps, electric furnaces, and water electrolysis to produce hydrogen for chemicals. (reduction of metal oxides, ammonia, fertilizers, plastics, synthetic fuels for airplanes and ships).
The supply chains and construction activities for other generation technologies are now much smaller than those of solar and wind: compared to solar, they are cottage industries. For other low-emissions technologies (such as nuclear or carbon capture and storage) to catch up with solar before mid-century, magic growth rates from small build bases are needed.
European countries and Australia lead the way in watts per person of solar and wind energy. Unlike European countries, Australia is physically isolated and must act on its own. It turned out to be quite simple. Australia is currently 40% renewable (mostly solar and wind) and will reach 82% by 2030. Electricity prices and emissions are falling, and the grid is very stable.
Global nuclear capacity per person has remained static for the past twelve years. Nuclear energy has failed in the global energy market. |
