RAPID SOLAR AND WIND GROWTH CALLS TIME ON THE FOSSIL FUEL ERA

BOULDER, Colo., Jan. 16, 2023 /PRNewswire/ -- Fossil fuel demand has peaked in the electricity sector, according to the latest analysis by energy expert Kingsmill Bond, senior principal at RMI, founded as Rocky Mountain Institute. 

The authors illustrate that the key driver of change is the rapid growth of solar and wind electricity generation on typical S-curves (a shape formed by the exponential growth of new technologies), driven by low costs, a shift of global capital, and the rising ceiling of what is possible.

As solar and wind advance further up the S-curve, their electricity generation will increase at least threefold by the end of the decade, meaning that by 2030, fossil fuel demand will clearly be in decline. 

"Electricity is the largest demand sector for fossil fuels," said lead author Kingsmill Bond. "The peak here marks a key turning point in the energy transition and gives us hope that we can hit the goals of the Paris Agreement."

According to the research, fossil fuel demand for electricity has peaked in 95 percent of the Organization for Economic Cooperation and Development (OECD) countries and 31 percent of the non-OECD countries excluding China. Meanwhile, China is on track to reach its 2030 solar and wind deployment targets by 2025, meaning the peak there is also near.

The research, co-authored by RMI's Sam Butler-Sloss, Genevieve Lillis, and Matt Sugihara, shows that fossil fuel demand in this sector will plateau for a few years and be in clear decline by the second half of the decade. The full report detailing the data and evidence showing peak fossil fuel demand in the electricity sector will be available at rmi.org on January 19^th.

For more information about the Peaking: The Series, please visit https://rmi.org/peaking-the-series/ 

To speak with the authors, please contact Marissa Gantman [email protected].

RMI, founded as Rocky Mountain Institute, is an independent nonprofit founded in 1982 that transforms global energy systems through market-driven solutions to align with a 1.5°C future and secure a clean, prosperous, zero-carbon future for all. See rmi.org or follow us on Twitter @RockyMtnInst.

Media Contact: 
Marissa Gantman
[email protected]

SOURCE Rocky Mountain Institute