Solar power plant in Nevada.
BLM Nevada
This year, the global energy sector has defied expectations – both good and bad for the climate. Four charts highlight key trends in the transition to clean energy.
Solar is leading the transition to renewable power and continues to outpace forecasts from analysts and industry experts alike. new highs China will play a big role in 2024, accounting for more than half of the solar power installed globally this year. However, coal burning continued. surpass Experts’ predictions are also largely influenced by China. more than half Globally, it accounts for a total share of coal use and faces increasing demand for electricity, including from electric vehicles.
This year, global electric vehicle sales reached a record high, expectation. As lithium-ion battery prices continue to fall, the outlook for the electric vehicle market is bright. 20 percent By 2024, China will be largely responsible for increasing sales of electric vehicles, of which electric vehicles will account for the largest share. about half Of all the vehicles sold domestically, in China the sticker price of EVs is now generally lower than that of regular cars.
The surge in electric vehicle sales in China is also having a ripple effect in the energy sector. Meanwhile, Chinese gasoline demand is slowing and is likely to continue to do so. vertex In the next few years. On the other hand, as electricity consumption increases due to electric vehicles, the demand for electricity is also increasing.
Along with EVs, the growth of electric heating and cooling and the proliferation of energy-intensive data centers are increasing globally. promote demand For power. The International Energy Agency expects coal use to plateau over the next few years and then decline in the second half of the decade.
Coal use will primarily be driven by developing countries. Rich countries have it all: stopped Construction of new coal power plants and coal combustion are expected to continue to decline in developed countries as countries transition to wind and solar power.
Last January, a solar array consisting of about 2 million panels was installed. online In California. It was the largest solar farm in the U.S. until July, when construction began on larger solar systems. online In Nevada. This year in the United States we saw the year of solar and wind power. overtake The UK closed its last coal power plant this year. Globally, solar additions are likely to exceed all coal additions since 2010.
The clearest indicator of where the world is headed in energy comes from investors this year. 2 trillion dollars By one estimate, it will be converted to clean energy. This is roughly double the investment in oil, coal and natural gas.
“In energy history, we have witnessed the age of coal and the age of oil,” IEA Director-General Fatih Birol said recently. said. “We are now rapidly moving toward an electric age that defines the global energy system and is based on increasingly clean power sources.”
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