Despite record growth in 2022, renewables still only accounted for about 20% of global electricity generation. Fossil fuels, on the other hand, still made up the vast majority of electricity generation, at about 80%.
There are a few reasons why renewable growth did not dent fossil fuel dominance in 2022. One reason is that the growth in renewables was largely driven by solar and wind power, which are intermittent sources of energy. This means that they can’t always be relied on to meet demand, so they often have to be backed up by fossil fuels. As one the biggest Solar Panels installers in the UK, we are looking forward to the switch more to renewable energy.
Another reason is that the cost of fossil fuels has been relatively low in recent years. This has made it less economical to invest in renewables, which are still more expensive than fossil fuels in many cases.
However, there are signs that the tide is starting to turn. The cost of renewables is falling, and the demand for clean energy is growing. This suggests that renewables could start to make a bigger dent in fossil fuel dominance in the years to come.
Here are some other factors that could help renewables dent fossil fuel dominance in the future:
Government policies: Governments can help to accelerate the growth of renewables by providing subsidies, tax breaks, and other incentives.
Technology advances: Technology advances could make renewables even more affordable and efficient.
Public awareness: As more people become aware of the benefits of renewables, there will be more demand for them.
It is still too early to say when renewables will completely replace fossil fuels. However, the trend is clear: renewables are becoming more and more competitive, and their share of the global energy mix is growing. In the years to come, we can expect to see even more growth in renewables, and a further decline in the dominance of fossil fuels.
