A report by RMI says renewable energy prices will drop dramatically by the end of this decade, making wind and solar irresistible.
— wind and solar — is on track for exponential growth that will lead to a disruption of the electricity sector worldwide this decade.
What we’re living in “is an energy technology revolution,” said report co-author Kingsmill Bond, an energy strategist at RMI. It’s obvious from the data, yet the point is often lost in “a consistent drumbeat of counter-narratives” about how difficult it is, and will be, to leave fossil fuels behind, he added. “U.S. fossil fuel demand peaked 15 years ago,” Bond said. “This is happening. People have just missed it.
Butler-Sloss identified some of the non-monetary aspects of renewable energy, among them greater energy security, less price volatility, lower health risks from displaced fossil fuel pollution, and avoidance of the climate disasters that come with a much warmer world. All those concerns point toward investing in a renewable energy future, he added.Despite the good news the authors have to share, there are many challenges ahead. “We have to work hard” to stay on this trajectory.
“Exponential growth of clean energy is an unstoppable force that will put more spending power in the pockets of consumers. The benefit of rapid renewable deployment is greater energy security and independence, plus long-term energy price deflation because this is a manufactured technology – the more you install the cheaper it gets,” said co-author Kingsmill Bond.
, the former executive secretary of the United Nations Framework Convention on Climate Change. She was one of the principal architects of the 2015 Paris climate accords. Her latest book is entitledThe 27 member states of the European Union burned 17% less fossil fuel to make electricity between January and June 2023 than over the same period the year before, according to, a clean energy policy group.
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