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Just released. It's updated every year. The forecast for increased additional renewable generating capacity has seen the largest ever annual upward adjustment (30% over the 2021 figure) in 2022, with the US performing just slightly below the global average.
The forecast period, 2022–2027, is expected to see an increase equal to the increase for the last 20 years. Renewables are also expected to account for 90% of additional electricity-generating capacity over the period.
Some excerpts from the Executive Summary.
Quote:
Renewables become the largest source of global electricity generation by early 2025, surpassing coal. Their share of the power mix is forecast to increase by 10 percentage points over the forecast period, reaching 38% in 2027. Renewables are the only electricity generation source whose share is expected to grow, with declining shares for coal, natural gas, nuclear and oil generation. Electricity from wind and solar PV more than doubles in the next five years, providing almost 20% of global power generation in 2027.
Solar PV’s installed power capacity is poised to surpass that of coal by 2027, becoming the largest in the world. Cumulative solar PV capacity almost triples in our forecast, growing by almost 1 500 GW over the period, exceeding natural gas by 2026 and coal by 2027.
Global renewable capacity dedicated to producing hydrogen increases 100-fold in the next five years, offering opportunities to decarbonise industry and transport. Policies and targets introduced in more than 25 countries across all continents are expected to result in 50 GW of wind and PV capacity focused on producing hydrogen over the 2022-2027 period.
You can read the full Ex. Sum. plus sections on individual components at the link.
For the first time, more money was raised in the debt markets for climate-friendly projects than for fossil-fuel companies.
Roughly $580 billion was arranged in 2022 for renewable energy and other environmentally responsible ventures, while the oil, gas and coal industries turned to lenders and underwriters for closer to $530 billion, according to data compiled by Bloomberg.
Quote:
The globe is shrinking for oil producers Exxon Mobil and Chevron. The two largest U.S. oil companies are pulling back on big international oil projects and concentrating on a handful of more lucrative assets closer to home. The WSJ’s Collin Eaton reports the energy giants plan to target their annual budgets to the Americas this year, with projects on the boards stretching from the U.S. and Canada to Argentina. Their focus on the Western Hemisphere is expected to continue for years as they give priority to expanding shareholder returns and cut costly frontier drilling projects, triggering a retreat from Southeast Asia, West Africa, Russia and parts of Latin America. The development plans are a new sign of how the global energy map is resetting. The efforts will foster more infrastructure, including shipping capabilities as a larger ecosystem of suppliers develops around the projects.
Portion of total energy production by renewables continues to shrink.
Why do you persist in quoting data claiming renewables & EVs are a growing trend? They are growing, but not as fast as the traditional things, and who cares if more people are buying them? Pet Rocks were once a growing trend too.....and Unreliables & EVs wouldn't be growing or even considered if it weren't for the govt subsidies....Case in point--
Portion of total energy production by renewables continues to shrink.
Why do you persist in quoting data claiming renewables & EVs are a growing trend? They are growing, but not as fast as the traditional things, and who cares if more people are buying them? Pet Rocks were once a growing trend too.....and Unreliables & EVs wouldn't be growing or even considered if it weren't for the govt subsidies....Case in point--
It is incredible to think that in 20 years, renewable energy went from just hydro to surpassing coal. And in the next 5 years, the entire capacity of china will likely be installed as renewables. The driver appears to be more energy independence rather than climate goals.
To me, the biggest message for personal action is just hold back on driving and flying where practical for now. Transport is the least clean part of energy use for this next 5 years, the other forms of energy use - data centers, home use, manufacturing of goods etc, are more electricity based and more directly impacted by this renewable transition.
It is incredible to think that in 20 years, renewable energy went from just hydro to surpassing coal. .
It's incredible because it hasn't. Wind & solar still only accounts for <10% of electricity production, and if we count other types of power, way less than 5% comes from renewables. Coal still accounts for about 1/3rd of electricity production. https://duckduckgo.com/?t=avast&q=en...ed.png%3Fv%3D8
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