Renewable energy can meet 75% of fossil fuel demand
The report, "Powering Up: How Clean Energy Is Throwing Fossil Fuel Demand into Doubt," published by the We Mean Business Coalition, the Commission on Energy Transitions, Ember, and E3G, reveals striking findings on the global energy transition. The analysis indicates that currently available clean energy technologies have reached the capacity to meet approximately 75 percent of global fossil fuel demand.
ELECTRIFICATION AND COSTS TRANSFORM ENERGYThe report emphasized that the acceleration of electrification and the decline in renewable energy costs are changing energy markets at an unprecedented pace.
Ten years ago, fossil fuel investments outpaced clean energy investments. Today, the situation has reversed: clean energy investments have nearly doubled fossil fuel investments. This shift is contributing to global economic growth and creating millions of new jobs.
HISTORICAL INCREASE IN RENEWABLE RESOURCESThe share of renewable electricity in the global energy mix has surpassed 40 percent. Solar energy stands out as the fastest-growing energy source in history.
More than 650 TWh of fossil fuel use eliminated in 2023-2024 thanks to new solar, wind and battery capacity alone.
This figure even surpasses South Korea's annual electricity consumption.
ELECTRIC VEHICLES AND HEAT PUMPS ON THE RISEThe share of electric vehicles in global sales has increased from 4% to 22% in 10 years. This transformation has displaced 1.3 million barrels of oil per day. This figure is expected to reach 5 million barrels by 2030.
Heat pumps and electric industrial systems operate 3 to 5 times more efficiently than fossil fuels, making the defensibility of oil and gas increasingly tenuous.
“INVESTMENT IN CLEAN ENERGY IS THE GUARANTEE OF THE FUTURE”“The message is clear: While the rise of clean energy is accelerating, the value of fossil fuels is dwindling. Businesses and governments are taking a huge risk if they continue to rely on fossil fuels. The path to growth and competitiveness is through clean energy investments,” said Maria Mendiluce, Executive Director of the We Mean Business Coalition.
Ember Energy Strategist Kingsmill Bond said, “The world is experiencing the most profound energy transition since the shift from biomass to fossil fuels in the 18th century. Electrification is surpassing fossil fuels in both cost and security. This process is disrupting the fossil fuel industry while creating new winners.”
THE FUTURE OF FOSSIL FUELS IS IN DANGERThe report predicts that oil demand will peak this decade, and that the widespread adoption of electric vehicles will put pressure on expensive producers. Coal's decline is permanent, while gas-fired electricity generation is becoming increasingly uncompetitive.
Planned coal capacity has fallen by 65 percent over the last decade, while new projects are concentrated in just 10 countries.
RENEWABLE ENERGY IS “STRATEGICALLY IMPORTANT” FOR COMPANIESAccording to a survey of more than 1,400 senior executives across 15 countries, 90% of companies view renewable electricity as a critical factor in their investment decisions. Fifty percent of respondents said they would relocate their investments to other countries if government support were not available.
Source: Headline News
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