A new study has been published, shedding light on the current state of renewable energy in the global market. According to the research, the overall share of renewables in the world’s energy mix has increased, with solar and wind power being the most prominent contributors.
The report, compiled by a team of international experts, found that in 2022, renewable energy accounted for around 38% of the world’s electricity generation, up from 22% in the year 2000. The majority of this growth can be attributed to the rapid expansion of solar and wind power, which now make up over 10% of the global energy mix.
Notably, the study also highlighted the significant decrease in the cost of renewable energy over the past two decades, making it a more viable option for countries seeking to reduce their carbon footprint. The cost of solar power, in particular, has dropped by over 70% in the past 10 years, making it a competitive option for many countries.
The researchers also pointed out that while progress has been made, there is still a long way to go in the transition to a low-carbon economy. The study’s authors emphasized the need for continued investment and innovation in the renewable energy sector to meet the goals set out in the Paris Agreement.
The full report is available on the website of the international research institution that published the study and is expected to be a valuable resource for policymakers, industry leaders and environmental advocates seeking to better understand the current state of the global energy landscape.