This year, global investment in renewable energy technology and infrastructure will hit the US $2 trillion mark, which is twice as much as what is put into gas, oil, and coal. The previous year was more pronounced. Reuters reported in a quotation that referred to in Tim, “For the first time in 2023, the total volume of capital invested in renewable energy systems and electric networks surpassed what went into fossil fuels” (Reuters np).
“London-based energy think tank Ember has reported that renewables accounted for 30% of global electricity generation in 2023, reaching an all-time high. Growth mostly came from solar and wind. Solar increased the most by 23% whereas wind by 10%. On the flipside, fossil fuels saw minimal growth at just 0.8%. The report was published last week,” said the organization’s spokesperson.”
“The report analyzes electricity data from 215 countries, including the latest data for 2023 from 80 countries that represent 92 percent of global electricity demand.
One of the reasons why there was a slight increase in the production of fossil fuels is the decrease in hydropower which led to increase of some coal power in China, India, Vietnam and Mexico despite the fact that the proportion of renewable sources of energy could be bigger than before according to scientists.
“The newest predictions show that 2023 could be the highest year for carbon dioxide emissions from electricity, but with 2024 beginning what will undoubtedly become a phase-out period for coal and gas-based power plants,” it was stated in the report. “’Electricity cannot be dirty,’ this is probably the most important formula in the energy sector today,” mentioned Dave Jones, the Director of the Global Insights Programme in Ember. Such a policy will not only help remove CO2 in electricity production systems. It will increase overall energy needs in economies. As a result, changes in the global weather system will be called forth.”
