Report Says Renewables Surged Globally, Though Fossil Fuels Still Rule

A recently published report on the global energy industry has revealed that fossil fuels remain the dominant sources of energy worldwide despite a significant surge in renewable energy production. Thanks to major technological advancements coupled with targeted investments, countries are producing more renewable energy than ever.

Green energy sources now account for slightly over 40% of electricity worldwide, and their capacity will continue to grow as countries add more renewable energy infrastructure. However, these gains still haven’t been substantial enough to dethrone fossil fuels like coal as the largest sources of electricity, the report by global energy think tank Ember says.

According to Ember, most of the renewable energy industry’s explosive growth can be attributed to solar energy. Solar infrastructure costs have fallen by over 90% in the past two decades, enabling mass solar adoption and allowing solar energy generation to double every three years since 2012.

Hydroelectricity, nuclear power, and wind energy have also played a key role in accelerating green energy production, helping the world achieve 40.9% low-emissions electricity, the London-based think tank says.

Ember Managing Director Phil MacDonald notes that as the largest and fastest-growing source of clean energy, solar energy has grown into the “engine of the global energy transition.” With most countries working to eliminate fossil fuels from their energy mixes and decarbonize their economies, solar power will be key to meeting the world’s growing demand for electricity.

Demand for electricity has soared in recent years thanks to electrification in the auto sector and increasing artificial intelligence (AI) adoption. Data centers for cloud computing and AI have been particularly energy-intensive in recent years, and their energy use will only increase as companies continue to invest in artificial intelligence.

Green energy can barely keep pace with the world’s ever-increasing demand for electricity, let alone replace existing demand for fossil fuels. As such, renewables are still a long way from securing enough of the electricity market from fossil fuels to cut greenhouse gas emissions.

In the meantime, many countries are increasingly leaning on fossil fuels to shore up their energy supplies, dumping more pollution into the atmosphere and hampering the transition to renewables.

On the upside, renewable energy growth surpassed growth in the fossil fuel energy sector, with renewables growing by a record 927 terawatt-hours (TWh) compared to fossil fuel energy sources, which grew by 245 TWh. The UK-based think tank Ember believes that renewable sources of energy will eventually surpass the rising demand for energy caused by global temperatures, EVs, artificial intelligence, and data centers.

With enterprises like SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) making inroads into the renewable energy market with their innovative products, it is just a matter of time before an increasing fraction of fossil fuel energy is squeezed out of the global energy mix.

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