LAHORE: Renewable energy has generated 30 percent of the world’s electricity in 2023, said a report of World Economic Forum (WEF).

Driven mainly by growth in wind and solar power, in 2023, global solar generation rose by 23 percent and wind generation by 10 percent.

Fossil fuel emission also grew by 0.8 percent but is likely to fall this year, says the energy think tank Ember.

According to the report, the world may already have reached ‘peak emissions’ after which emissions from the global power sector decline. This is a major turning point in energy history.

It added that the G7 nations have agreed a 2035 coal exit. They have signed a deal to end the use of unabated coal power plants between 2030 and 2035, though they have given leeway to countries heavily reliant on coal such a Japan and Germany.

The deal comes after 200 countries pledged to ‘transition away from fossil fuels in energy systems’ at COP28.

Similarly, the report said, battery costs could soon fall sharply. Lithium-ion battery costs could drop by 40 percent between 2023 and 2030 thanks to innovations in battery chemistry and manufacturing.

This could accelerate the shift to renewable energy, says the IEA.

For every $1 spent on fossil fuels, $1.70 is now spending on clean energy. Five years ago, this ratio was 1:1.

However, some critics believe that the WEF report should be taken as an urgent wake-up call and by no means a reason to celebrate, as 70 percent of the world electricity consumption is covered by non-renewable sources.

They have pointed out the slow pace of moving towards a sustainable future and urged to make the overhead associated cost digestible. In addition to focusing on renewable energy technologies, they said, it is also crucial to explore alternative solutions that minimize the environmental impact of lithium mining.

Also, they said that the electricity cost at least in developing countries should lower through excessive use of renewable solutions. Some others are of the view that the level of awareness does not allow for the growth rate of clean energy development.

Copyright Business Recorder, 2024