The last few years have seen monumental global efforts towards the clean energy revolution.
The International Energy Agency’s (IEA) most recent Renewable Energy Market Update revealed that the world’s renewable power capacity is set to rise by a third in 2023 alone. This is the largest absolute increase in global renewable capacity that has ever been achieved.
Then, in 2024, estimates show that this impressive pace of growth will continue, with the world’s renewable electricity capacity equalling the total power output of both China and America.
As a result, according to another recently released piece of research from the IEA, we are now finally starting to see the first signs of the end of our global dependence on greenhouse gases.
After the peak in demand predicted for 2030, for the first time, it is predicted that the consumption of fossil fuels will decrease, for the very first time.
A Landmark First For Clean Energy
According to the IEA forecast, it is predicted that global demand for oil, gas and coal will decrease by 2030. This is a landmark moment, as the first time that this demand has ever been set to fall.
As a result, the percentage of global energy that comes from fossil fuels will decline to 73% by 2030, after having been fixed at 80% for the last few decades.
This is already a huge achievement in its own right, but is made even more impressive by the fact that this peak demand point has been reached far sooner than what would have been possible before. Even just 10 years ago, projections for when fossil fuel use would start to decline only saw this point being reached long into the future.
The IEA stated that, within the year, it predicts that there will be 10 times the numbers of EVs, the proportion of the world’s renewable electricity will rise from 30% to almost 50%, offshore wind projects will receive three times more investment than new fossil fuel plants.
What are the factors enabling the switch to green energies?
The findings of the IEA are a major achievement, and a culmination of a wide range of developments, efforts and attitude shifts.
The key factors driving the green energy revolution, and making it possible to finally turn the fossil fuel tide, include:
- Advancements in green energy technologies
- Upsurge in public demand for more sustainable solutions
- Younger generations being deeply passionate about sustainability
- New priorities from global leaders and politicians
- New recognition of the security that green energy brings (as fossil fuels are increasingly being perceived as only short-term solutions)
- Increasing numbers of electric vehicles on the road
As quoted in Sky News’ coverage of the report, the Executive Director of IEA, Fatih Birol, stated that, “The transition to clean energy is happening worldwide and it’s unstoppable.”
“It’s not a question of ‘if’, it’s just a matter of ‘how soon’ – and the sooner the better for all of us.”
What still needs to be done?
However, despite all the progression that has been achieved so far, there is still a long way to go.
The IEA warns that, despite current efforts, we will still not be able to limit global warming to 1.5 degrees Celcius. In fact, as it stands, the global warming trajectory is around 2.4 degrees.
What’s more, global conflicts and instabilities mean that the energy market could face further disruption, and may compromise these sustainability targets.
As a result, continued efforts – particularly as we look towards COP28 at the end of this year – will continue to prove critical.
The Role of New Renewable Energy Technologies
In the fight to ward off climate change, the world will be increasingly dependent on more advanced, more sophisticated renewable energy technologies.
As was mentioned on the Sky News coverage, global usage of solar panels and air source heat pumps are increasing exponentially.
At Ipsum Renewables, we specialise in state of the art renewable energy solutions, including the supply and installation of solar panels and air source heat pumps.
We currently have some fantastic deals on renewable energy solutions. What’s more, we also have a dedicated grants and funding page, where customers can complete a form, to see whether you can qualify for government funding.
So, if you’d like to find out more about solar panel installation and air source heat pump installations, or to find out if you are eligible for government grants and funding, our team is on hand to help.
To book a free survey, call us on 01156 979 699.
