Scaling renewables

Renewables are one of the most cost-effective solutions to decarbonize power, but present challenges.

Back to the solutions
  • ~30%
  • Global fossil fuel electricity emissions account for ~30% of anthropogenic GHG on a CO2-equivalent basis.

Emissions

Global greenhouse gas emissions – share of total (2019).

Background

Wind and solar have experienced significant capacity growth over the past decade (~15% and ~33% p.a., respectively), supported by subsidies and improving economics.

  • ~33%
  • capacity growth in solar and wind.

However, the share of fossil fuels in the energy mix has remained fairly stable at ~80% of global primary energy supply.

  • ~80%
  • fossil fuel in global energy supply.

Note: (1) As measured based on levelized costs of energy
Source: Climate Watch; Our Word in Data; IEA; IRENA; Lazard; Lit. scan

Current State

COP26 featured several pledges to accelerate the clean energy transition, including phasing out coal by 2040.

To achieve this goal, wind and solar capacity are expected to continue growing steadily at ~9-12% p.a. through 2030.

Solution Details

Utility-scale solar and onshore wind have experienced >40% cost declines in the last decade, making many projects increasingly cost competitive with conventional generation.

As these renewable sources increase their share of electricity generation, solutions will need to address supply intermittency with backup capacity or improved battery technology.

In addition, renewable supply chains will need to achieve greater diversification of critical minerals for batteries and other components.

Other Solutions

Heat pumps

Heat pumps

CCUS in electricity & industry

CCUS in electricity & industry