Solar Beats Oil.
Each morning brings with it more good news about the growth of renewables, and in particular, solar.
As we stand at the crossroads of an energy revolution, the latest data paints a picture of a world rapidly transitioning towards a cleaner electricity grid. The relentless growth of wind and solar power, marking a significant shift from fossil fuels, signals the dawn of a new era in our global energy landscape.
Fossil fuels, despite their environmental impact, still account for 61% of the world’s electricity generation. However, this dominance is on a downward trajectory. The rise of low-carbon alternatives, particularly wind and solar power, has been nothing short of extraordinary. Since the signing of the Paris Climate Agreement in 2015, these renewable sources have more than doubled their share, now generating over 12% of the world’s electricity.
The demand for electricity is not static; it grew by 2.5% in 2022, consistent with the decade's average. This surge is driven by increased access to electricity worldwide and the electrification of sectors like transportation and heating. The challenge is clear: clean power must not only keep pace with this rising demand but also start chipping away at fossil fuel generation.
According to Ember’s Global Electricity Review, 2023 is set to be a milestone year where clean electricity will surpass the total global growth in demand. This pivotal moment marks the beginning of declining power sector emissions.
The rate at which emissions will drop in the coming decade is not a matter of chance but choice. The actions taken now by governments, businesses, and citizens will be crucial in steering the world towards clean power by 2040. This isn't just a matter of technological feasibility but of collective will and policy direction.
As we embrace this shift, the role of every stakeholder becomes paramount. The choices we make today, from policy decisions to personal investments in renewable energy, will shape the power landscape of tomorrow.
We’re highly motivated to participate in this economic windfall, excited to invest alongside our Portugal golden visa investors in securing a safer climate future for our children.
