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Solar Energy Leaves the Wind in the Dust as Global Renewable Energy Hits a New High By Benzinga

Benzinga – Anthony Noto, Benzinga Editor.

Global electricity production still relies mainly on coal and gas. However, the sector’s growth rate in 2023 was not close to the pace of development of wind and solar energy.

This is according to the latest Global Electricity Review report, published on May 9 by the British climate advisory team Ember.

The nonprofit organization predicts that fossil fuel production will decline in 2024 and beyond.

And the rate of use of solar energy – the fastest growing source of electricity in 2023 for the 19th year in a row – will continue to accelerate.

According to Ember’s data, the increase in solar energy production was over 23%, which is significantly higher than new electricity from fossil fuels (up 0.8%) and wind (10%). Look below.

The results bode well for the planet. NASA predicts that average global temperatures will reach or exceed 3 degrees Fahrenheit over the next few decades.

“These changes will affect all regions of the Earth,” the agency says. “The severity of the impacts of climate change will depend on the path of future human activity.”

Well, countries are slowly but surely adopting clean energy. In 2000, renewable energy (i.e. solar and wind energy) accounted for less than 19% of the global energy mix. Today they constitute over 30%.

Chart: Global electricity production from renewable sources

In 2023, approximately 40% of global electricity came from low-carbon sources, including nuclear power.

The demand for fossil fuels is falling. In 2000, they produced 64.7% of the world’s energy; 60.6% in 2023; and are expected to generate 57.6% in 2024, Ember reports.

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The International Energy AgencyThe Net Zero Emissions target includes a global target of using 60% renewable energy by 2030.

ETFs to watch: : X Solar Global ETF (NASDAQ:RAYS) i Invesco Solar ETF (NYSE:TAN) are down 13.15% and 18.19%, respectively, year-to-date.

Read now: JinkoSolar’s Q1 loss offset by strong outlook, shares rise as deliveries increase

Image: Pixabay

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