The United Nations has reported a significant shift towards renewable energy globally, citing it as a “positive tipping point” where solar and wind power will become increasingly cheaper and widespread. According to the UN’s multiagency report, 92.5% of new electricity capacity added in 2022 came from renewables, with wind and solar leading the way.
The reports also show that solar power is now 41% cheaper and wind power is 53% cheaper globally than the lowest-cost fossil fuel. The growth of renewable energy has been remarkable, with $2 trillion invested last year, compared to $800 billion in fossil fuels.
However, despite this progress, UN officials say the switch to renewables needs to speed up, particularly in developing countries where electrification needs are high but capital costs are high. Africa, for example, represented less than 2% of new green energy capacity installed last year.
The reports debunk the myth that clean energy cannot compete with fossil fuels, instead showing a clean energy future is likely inevitable. The economic tipping point leads to a cycle that keeps driving renewable costs down and makes fossil fuel power less desirable.
Fossil fuel subsidies amount to $620 billion globally, compared to $70 billion for renewables, highlighting the disparity in support for these industries. However, despite this, fossil fuel production continues to increase, driven by growing demand from developing countries, artificial intelligence data centers, and cooling needs in a warmer world.
The UN Secretary-General has called on nations to prioritize renewable energy, warning that clinging to fossil fuels will lead to economic costs, undermine competitiveness, and lock in stranded assets. With renewables, he said, there are no price spikes for sunlight or wind embargoes.
Source: https://apnews.com/article/climate-change-solar-wind-power-fossil-fuels-6aca4846e594ea8405f91edda39a03ad