Renewable Hype or Reality?

Author

Bubba
13 Sep

The growth of renewable energy technology has been rapid and significant, but how much of a dent has it put into our usage of fossil fuels? (Distilled)

The data: Global investment into renewables has skyrocketed, with the money flowing into solar technology now surpassing all other energy sources combined, according to the International Energy Agency.

  • Solar and battery storage in the U.S. has seen rapid growth: In 2023, the U.S. added 19.3 GW of solar capacity (up 72% from 2022) and is on track to add 38 GW in 2024.

  • Battery storage is set to grow 123% between 2023 to 2024, from 6.6 GW to 14.7 GW.

Chart: Distilled

Ok, but: Some academics have argued that despite all the progress, we’re not actually using fossil fuels any less.

Uppsala University professor Brett Christophers:

Here’s the terrifying thing. For all the recent uptick in the rate of growth of renewables output, we — globally — nonetheless have been falling ever further behind the curve in terms of the amount of renewables capacity that still needs to be installed.

The verdict: According to a new analysis by clean energy advocate and writer Michael Thomas, the answer is complicated.

  • Fossil fuel power generation has increased 12.5% over the last decade as the global demand for electricity (+24%) outpaced the development of renewable technology.

  • However the rate of growth for fossil fuel energy has declined from 3.5% per year in 2013 to 1.4% last year, and it’s expected to continue falling.

  • The trajectory for renewable energy, on the other hand, is completely opposite, with solar growing an average of 30% per year over the last decade.

Thomas on the situation in the U.S.:

The fall in carbon emissions over the last two decades has been even more steep. Power sector emissions have fallen by 33% since their peak in 2007.

So, in the United States the answer is pretty clear: The growth of renewable energy has led to a decline in fossil fuel power generation.

Bubba’s Two Cents

Debates about “clean” energy versus fossil fuels often take on a political dimension, and it’s not like skeptics of renewable technology don’t have any valid arguments (especially when it comes to government subsidies). But I think the important thing to note here is that the momentum seems to be on the side of renewable energy.