Largest Renewable Energy Source – Whether you are bullish or bearish on oil and gas or renewables, when it comes to growth in 2019, there are winners and losers and oil is not among the top …
Over the past three years, the world has experienced very high growth in carbon energy sources and a marked acceleration in renewable energy developments. According to the International Energy Agency (IEA), spending on renewable energy continues to outstrip fossil fuel consumption, with India emerging as the fastest growing energy market in the world.
The United Nations has predicted that the world’s population will grow from 7.6 billion to 9.8 billion by 2050. Along with rapid urbanization, this will continue to drive energy demand.
Global electricity demand is growing twice as fast as overall energy consumption and could increase by more than 50% by 2040, with energy demand increasing by 25% over time.
Meanwhile, the challenge of meeting the growing demand for energy by reducing harmful emissions and greenhouse gases is very important. Global atmospheric concentrations of carbon dioxide increased 1.4% in 2017, the largest annual increase ever recorded.
The renewable energy sector has been on steroids in recent years and is likely to remain so.
According to the IEA Renewables 2019 report, renewable energy is taking the world by storm and entering the global energy system at an unprecedented rate. According to the Solar Energy Industries Association (SEIA), the United States installed 4.8 GW of solar PV capacity in the first half of 2019, which represents a 2.1% y / y increase.
About 38 percent of new energy comes from solar, making it the second largest contributor to the country’s new energy mix after natural gas.
On a global scale, photovoltaic installations are expected to reach the new 114.5 gigawatts, an increase of 17.5% y / y.
Wind power is a vastly underutilized energy source, providing only 0.3% of the world’s energy needs. However, the industry is on the verge of phenomenal growth with the IEA predicting offshore wind will become a $ 1 trillion industry by 2040.
The American Wind Energy Association (AWEA) said 1,927 megawatts of wind power installations were completed in the third quarter, bringing the nation’s total installed capacity to 100 GW. Total installations are on track to grow by nearly 8% y / y. Related: Vision: We will not accept any future production cuts
Overall, the future of global renewable energy looks very bright, with the IEA forecasting the sector to grow by 50% between 2019 and 2024, to reach 3,700 GW. Renewable energy provided 8.5% of global energy needs in 2017, but that figure could reach 30% by 2040.
Here in the United States, clean energy employs 777,000 people, about the same as the telecommunications industry. Wind and solar energy employ more people than coal in 30 states.
Demand for natural gas increased by an impressive 4.6 percent in 2018, with 314 million tonnes supplied, and the growth trend has extended to the current year thanks to continued progress in electricity, good economic growth and to meteorological issues. in the midst of a financial crisis of historic proportions.
Natural gas demand is expected to moderate however, with the IEA saying demand will increase by 2% in 2019 and an average of 1.6% annually over the next five years, mainly due to Kannada’s smaller capacity. which is expected to increase by only 8 percent per year. by 2024 after reaching 18.1% in 2018.
Natural gas can play an important role in reducing greenhouse gas emissions. The rapid adoption of natural gas is responsible for the steady decline in electricity consumption in many countries, including the United States.
Nuclear energy continues to make an increasing contribution to the search for clean and reliable energy. Global nuclear production is 2,563 TWh from 449 operating reactors worldwide with nine new reactors joining the grid while seven are closed.
A total of 55 reactors are under construction and construction of five reactors has begun. The sector is experiencing strong growth, with over 20 new reactors expected to be connected to the global grid by the end of 2020.
Nuclear power supplies about 10% of the world’s electricity and is the second-largest low-carbon energy source in the world. This share is expected to remain unchanged by 2050. The US is even more dependent on nuclear power, with the power source producing 808 TWh of electricity in 2018 or 20% of total production. This trend is expected to continue over the next few decades, although it has its fair share of critics.
Oil fields around the world have produced significantly less oil this year than last year’s peak. According to Y-Charts data, crude oil production was 82.46 million barrels per day in August compared to 84.72 million barrels per day in November 2018, the highest in five years.
However, this decline came mostly from OPEC producers, with the United States hitting a record 12.8 million barrels per day, the most of any country.
But as much as we want to rapidly increase renewable energy sources and promote clean energy, it is unlikely that we will be able to do so quickly enough to keep up with our growing energy demand. Indeed, oil production is expected to continue growing over the next decade, with the United States accounting for 85% of that increase.
According to CarbonBrief, global coal-generated electricity is on track to decline by 300 TWh, or 3 percent, this year. The major uses of coal are the production of electricity, the production of cement, the production of steel and as a fuel. Related: OPEC + accepts deeper production cuts
The largest falls on record are in developed countries, including the EU, Germany and South Korea, and are not accompanied by increases elsewhere. The largest reduction is recorded in the United States with the closure of several large coal-fired power plants.
About 38 percent of the world’s electricity comes from coal-fired power plants, 13 points higher than renewables.
The main challenge to this growing trend is the boom in industrialization in Southeast Asia. But with numerous calls for a global exit from coal, electricity generation from coal is likely to drop below 30% in less than two years, with renewable energy taking over the role of the main source.
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Russian oil exports are expected to decline next year OPEC + now 3.6 million barrels per day below its oil production target Chinese and diesel exports exploded in August This was originally published in Elements. Join the free mailing list to get beautiful images of world megatrends in your email every week.
Wind and solar provide more than a tenth of the world’s electricity. Together, they are the four largest sources of electricity, after coal, gas and water.
This infographic based on Ember data shows the increase in electricity from these two clean sources over the past decade.
Wind and solar generated 10.3% of global electricity for the first time in 2021, rising from 9.3% in 2020 and doubling their share compared to 2015, when the Paris Agreement was signed. on the climate.
In fact, 50 countries (26%) will produce over a tenth of their electricity from wind and solar by 2021, with seven countries hitting this milestone for the first time: China, Japan, Mongolia, Vietnam, Argentina, Hungary and El Salvador.
Denmark and Uruguay obtained 52% and 47% respectively, paving the way in terms of technology for the innovation of renewable high energy grids.
From a regional perspective, Europe leads with nine of the top 10 countries. On the other hand, the Middle East and Africa have the lowest number of countries hitting the 10% limit.
According to the International Energy Agency (IEA), the sector must reach global net zero by 2040 to meet the Paris Agreement goals of limiting global warming to 1.5 degrees. And to achieve this, wind and solar energy must grow by nearly 20% every year until 2030.
Despite record advances in renewable energy, the development of solar and wind electricity currently does not meet the signals needed to achieve the goals of the Paris Agreement.
Indeed, when the world faces an unprecedented increase in electricity demand in 2021, only 29% of the global increase in electricity demand is met by solar and wind.
While emissions from the electricity sector remain at their highest levels, there are signs that a global electricity transition is underway.
Governments such as the US, Germany, the UK and Canada plan to increase their share of clean electricity within the next decade and a half. Investments are also coming from the private sector, with companies like Amazon and Apple increasing their eyes on renewables to become some of the biggest buyers ever.
More wind and solar are being added to the grid than ever, and renewable energy is expected to provide much of the clean electricity needed to phase out fossil fuels.
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