Did you know that in 2020, a staggering 71% of the world’s new electricity generating capacity came from renewable sources, such as wind, solar, and hydroelectric power? (1) This is a record high, and it’s a clear indication that the tide is finally turning in favor of sustainable energy. But what’s driving this shift, and why are cost-effective renewables becoming the cornerstone of our energy future?
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As our planet grapples with the crippling effects of climate change, the need to transition away from fossil fuels has never been more pressing. The good news is that renewable energy technologies have made significant strides in recent years, becoming increasingly cost-competitive with traditional fossil fuels. In fact, the cost of solar energy has fallen by a whopping 70% over the past decade, making it one of the most affordable sources of electricity available. (2)
But while the cost of renewables has plummeted, the cost of climate change is mounting. From devastating wildfires and droughts to intense hurricanes and sea-level rise, the consequences of our addiction to fossil fuels are all too real. The World Health Organization estimates that air pollution from fossil fuels claims the lives of over 7 million people worldwide each year, making it one of the leading causes of premature death globally. (3)
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So what’s holding us back from embracing cost-effective renewables on a larger scale? The answer lies in our outdated energy infrastructure, which is often designed to serve the interests of fossil fuel companies rather than the needs of our communities. But there are many success stories out there, from utilities that are investing heavily in solar and wind power to cities that are leading the charge on renewable energy.
Take, for example, the city of Reykjavik, Iceland, which has become a model for sustainable energy. The city has made a commitment to generate 100% of its electricity from renewable sources by 2040, and is already on track to achieve this goal. (4) Reykjavik’s success is a testament to the power of community-led initiatives and the importance of local ownership in driving the transition to renewables.
As we move forward, it’s clear that cost-effective renewables will play a critical role in shaping our energy future. But it’s not just about economics – it’s about justice, equity, and the health of our planet. By investing in clean energy and reducing our reliance on fossil fuels, we can create a more sustainable, resilient, and just world for all.
References:
(1) International Energy Agency (2020). “Renewable Energy Market Analysis: Executive Summary.”
(2) National Renewable Energy Laboratory (2020). “2020 Solar Market Trends Report.”
(3) World Health Organization (2018). “Air pollution.”
(4) City of Reykjavik (2020). “Reykjavik’s Climate Goals: A 100% Renewable Energy City by 2040.”
