The world has reached a notable milestone in its efforts to ramp up renewable energy generation and eliminate fossil fuels from its energy mix. New research recently revealed that energy production from green sources accounted for more t han 40% of the electricity generated worldwide for the first time in 2023.
Two BloombergNEF reports show that solar and wind provided 24% of this electricity while nearly 9% of all the power-capacity additions done globally were from wind and solar compared to only 6% from fossil fuels. Lead author Sofia Maia said the researchers have noted a “steep change” in green energy in recent years and said that renewables now account for most of the new energy being generated.
With dozens of countries worldwide working to lower their carbon emissions as part of global climate-change efforts, renewables have attracted hundreds of billions of dollars in new investment in recent years. An over 99% fall in solar-panel costs has also led to massive green-energy deployments in several countries, resulting in a spike in renewable-energy production.
Even so, the Fostering Effective Energy Transition 2024 report from the World Economic Forum notes that we still have a lot of work to do as many countries are struggling to transition from fossil fuels to renewables. Fossil fuels still generate a large portion of the world’s energy, and most countries continue to rely on fossil fuels when they need to increase their energy production rapidly.
Getting clean energy from solar and wind farms to end users without overloading or clogging grids has also proven to be a challenge. Additionally, developing nations are also at risk of being left behind as the bulk of green-energy investment typically goes to developed countries, increasing the risk of an unequal transition that would ultimately undermine the ultimate goal of ditching fossil fuels to eliminate greenhouse-gas emissions.
Western nations are also desperate to build a renewables ecosystem that doesn’t rely on Chinese companies. China has already monopolized the global electric-vehicle supply chain and is close to monopolizing the renewables space as well. Most of the world’s photovoltaic solar panels are manufactured in China, and the east Asian nation has one of the largest networks of green-energy infrastructure in the world.
The WEF report noted that public-private collaboration, as well as reform policy, would be needed to create innovative solutions to the challenges hindering the energy transition and attract investment in countries that are struggling to transition to renewables.
Enterprises that are focusing on providing alternative energy solutions, such as FuelPositive Corp. (TSX.V: NHHH) (OTCQB: NHHHF), could reap big from the provisions of these solutions not just to the developed world but also in emerging economies.
NOTE TO INVESTORS: The latest news and updates relating to FuelPositive Corp. (TSX.V: NHHH) (OTCQB: NHHHF) are available in the company’s newsroom at https://ibn.fm/NHHHF
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