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Fossil fuel sources still account for the majority of global energy consumption, but renewables are not far off. The share of global electricity from renewables grew from 18% in 2009 to nearly 28% in 2020.
Renewable energy sources follow learning curves or Wright’s Law—they become cheaper by a constant percentage for every doubling of installed capacity. Therefore, the increasing adoption of clean energy has driven down the cost of electricity from new renewable power plants.
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Solar PV and onshore wind power plants have seen the most notable cost decreases over the last decade. Furthermore, the price of electricity from gas-powered plants has declined mainly as a result of falling gas prices since their peak in 2008.
By contrast, the price of electricity from coal has stayed roughly the same with a 1% increase. Moreover, nuclear-powered electricity has become 33% more expensive due to increased regulations and the lack of new reactors.
Given the rate at which the cost of renewable energy is falling, it’s only a matter of time before renewables become the primary source of our electricity.
Several countries have committed to achieving net-zero carbon emissions by 2050, and as a result, renewable energy is projected to account for more than half of the world’s electricity generation by 2050.
source: visualcapitalist.com