Report Says Renewables Now Supply Some 30% of Global Electricity Demand

A new report has revealed that more than 30% of the electricity generated globally is generated using renewables. Unsurprisingly, the report from energy think tank Ember noted that the European Union’s renewable energy use is well ahead of this 30% average, putting the regional bloc on track to achieving its green-energy goals.

According to Ember’s report, significant growth in the solar- and wind-energy generation segments have been instrumental in achieving this rate of clean-energy generation. It covered 82 countries, which are currently responsible for almost 90% of global energy demand, as well as historic data from 215 additional nations. Report authors note that rapid growth in the green-energy space has finally started to affect fossil-fuel generation.

The cost of manufacturing clean-energy infrastructure such as solar panels and wind turbines has dropped significantly over the past several decades, with solar panels being up to 99% cheaper to manufacture now compared to three or four decades ago. This has allowed nations to deploy renewables at relatively affordable prices and start to replace their fossil-fuel use with clean alternatives. In the past 10 years alone, renewable energy sources have helped to cut fossil-fuel growth by nearly two-thirds.

Ember director of Global Insights Dave Jones says that the green-energy future “has arrived,” noting that solar especially has grown faster than anyone initially anticipated. Solar-energy growth has accelerated to such a degree that it outperformed coal as the main electricity supplier on the globe by two times. Furthermore, solar energy has been the fastest-growing energy source for nearly two decades.

The European Union generated a whopping 44% of its energy from renewables compared to the 30% global average. This is partly because wind and solar energy proliferation has accelerated much faster in the EU compared to the rest of the globe. The European Union was responsible for 17% of global renewables growth last year. Chile had the highest share of solar energy in its energy mix at 20% followed by Greece, Hungary and the Netherlands at 19%, 18%, and 17% respectively.

Sarah Brown, the European program director at Ember, explains that the European Union has “early adoption and early action” to thank for its lead in the race to transition to clean energy. Additionally, the European Green Deal set targets, created policies and secured the investments needed to fund the green-energy transition, giving the regional bloc everything it needed to pull ahead of the rest of the globe.

These policy-level measures in different regions are helping to supplement what particular companies such as Correlate Energy Corp. (OTCQB: CIPI) are doing to make clean energies available to a wider section of the developed world, areas which contribute the bulk of the greenhouse emissions globally.

NOTE TO INVESTORS: The latest news and updates relating to Correlate Energy Corp. (OTCQB: CIPI) are available in the company’s newsroom at https://ibn.fm/CIPI

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