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We’re can already be 100% renewable in electricity. Electricity storage systems have come on leaps and bounds, and the technology could support a 100% renewable electricity grid.
The challenge lies in governments and authorities being able to step on the accelerator to bring about the energy transition. According to studies, midway through this century two-thirds of electricity worldwide will be produced by renewable energies, 40% of global end-user demand for energy will be covered by electricity (compared to 19% in 2017), 63% of which will be generated by solar photovoltaic and wind.
Renewable energies today already produce one out of every four kilowatts of electricity on the planet, and by mid this century they will generate two out of every three. While electricity only represents 20% of the energy the world consumes today, increasing electrification will certainly see it reach 40% by 2050.
Renewable energies cannot cover all the demand.
FALSE
Renewable energies are expensive.
FALSE
Renewable energies are already the cheapest energy sources, and this will increasingly be the case. Both wind and solar power – since hydro has been competitive for many years already – have advanced enormously from a technological viewpoint and their installation costs have lowered markedly.
Over the past decade, the cost of photovoltaic modules has fallen by 94%, onshore wind turbines by 37% and lithium batteries for storing electricity by 85%. Today, these two renewable energy sources are cheaper than conventional sources in most parts of the world.