{"id":64071,"date":"2024-06-25T10:47:05","date_gmt":"2024-06-25T17:47:05","guid":{"rendered":"https:\/\/energi.media\/?p=64071"},"modified":"2024-06-25T10:47:05","modified_gmt":"2024-06-25T17:47:05","slug":"renewable-energy-growth-outpaces-fossil-fuels-for-the-first-time","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/renewable-energy-growth-outpaces-fossil-fuels-for-the-first-time\/","title":{"rendered":"Renewable energy growth outpaces fossil fuels for the first time"},"content":{"rendered":"<p><em>This article was published by <a href=\"https:\/\/www.theenergymix.com\/renewable-energy-growth-outpaces-fossil-fuels-for-the-first-time\/\" target=\"_blank\" rel=\"noopener\">The Energy Mix<\/a> on June 25, 2024.<\/em><\/p>\n<p><em><strong>By Christopher Bonasia<\/strong><\/em><\/p>\n<p>New wind and solar installations outpaced all other additions to the global energy mix in 2023, and clean energy investments are projected to exceed US$2 trillion in 2024, account for two-thirds of global energy investment.<\/p>\n<p>The significant wind and solar gains are among several \u201crecord highs in an energy hungry world\u201d,\u00a0<a href=\"https:\/\/www.energyinst.org\/statistical-review\">listed<\/a>\u00a0in the most recent Statistical Review of World Energy, which oil major BP published for decades before handing over the reins to the Energy Institute last year.<\/p>\n<p>According to the review, 2023 saw \u201crecord consumption of fossil fuels and record emissions from energy, but also record generation from renewables, driven by increasingly competitive wind and solar energy.\u201d<\/p>\n<p>While \u201cthe progress of the transition is slow,\u201d the institute writes, \u201cthe big picture masks diverse energy stories playing out across different geographies.\u201d<\/p>\n<p>Wind and solar were responsible for 40 per cent of total new energy in 2023. By 2024, the increase in solar and wind capacity was 67 per cent higher compared to the previous year. Three-quarters of it, 346 gigawatts, came from solar, while wind accounted for 115 gigawatts. In both cases, China was the major installer.<\/p>\n<p>\u201cThis is the first time in history that these newer forms of renewable energy have outpaced each of the fossil fuels, which remain the world\u2019s dominant sources of energy,\u201d<a href=\"https:\/\/www.carbonbrief.org\/analysis-wind-and-solar-added-more-to-global-energy-than-any-other-source-in-2023\/\">\u00a0<\/a><a href=\"https:\/\/www.carbonbrief.org\/analysis-wind-and-solar-added-more-to-global-energy-than-any-other-source-in-2023\/\">writes<\/a>\u00a0Carbon Brief.<\/p>\n<p>The Economist heralded an imminent \u201cSolar Age\u201d as favourable developments for solar technologies, economics, and supply chains converge to precipitate exponential growth of solar energy capacity.<\/p>\n<p>\u201cWhen it was a tenth of its current size 10 years ago, solar power was still seen as marginal even by experts who knew how fast it had grown,\u201d\u00a0<a href=\"https:\/\/www.economist.com\/leaders\/2024\/06\/20\/the-exponential-growth-of-solar-power-will-change-the-world\">writes<\/a>\u00a0the weekly news magazine. \u201cThe next ten-fold increase will be equivalent to multiplying the world\u2019s entire fleet of nuclear reactors by eight in less than the time it typically takes to build just a single one of them.\u201d<\/p>\n<p>Meanwhile, investments in renewables technologies will continue to exceed expectations, the International Energy Agency<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Global-Clean-Energy-Spending-Is-Set-to-Exceed-3-Trillion-in-2024.html\">\u00a0(IEA)\u00a0<\/a><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Global-Clean-Energy-Spending-Is-Set-to-Exceed-3-Trillion-in-2024.html\">anticipates<\/a>\u00a0in its latest World Energy Investment report. In 2024, total global expenditure on energy is expected to reach $3 trillion for the first time, with $2 trillion of that total going toward clean energy technologies and infrastructure. Solar photovoltaic technology alone is projected to see investments worth $500 billion.<\/p>\n<p>\u201cInvestment in clean energy has accelerated since 2020, and spending on renewable power, grids, and storage is now higher than total spending on oil, gas, and coal,\u201d the IEA<a href=\"https:\/\/www.iea.org\/reports\/world-energy-investment-2024\/overview-and-key-findings\">\u00a0<\/a><a href=\"https:\/\/www.iea.org\/reports\/world-energy-investment-2024\/overview-and-key-findings\">says<\/a>.<\/p>\n<p>However, another investment crucial to the energy transition\u2014in energy efficiency for buildings\u2014is \u201cbelow where it needs to be\u201d and set to keep falling.<\/p>\n<p>Meanwhile, fossil fuel investments are set to continue increasing, with upstream oil and gas spending anticipated to rise 7 per cent to $570 billion, alongside increases for liquefied natural gas and coal. Clean energy spending by oil and gas companies in 2023 was around $30 billion, less than 4 per cent of global clean energy investment.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>This article was published by The Energy Mix on June 25, 2024. By Christopher Bonasia New wind and solar installations outpaced all other additions to the global energy mix in 2023, and clean energy investments <a class=\"mh-excerpt-more\" href=\"https:\/\/energi.media\/news\/renewable-energy-growth-outpaces-fossil-fuels-for-the-first-time\/\" title=\"Renewable energy growth outpaces fossil fuels for the first time\">[Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":64072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[120,528,216,14,95],"class_list":{"0":"post-64071","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-clean-energy","9":"tag-electrification","10":"tag-energy-transition","11":"tag-featured","12":"tag-fossil-fuels"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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