Renewable Energy To Generate 42% Of Electricity By 2028

• Solar To Overtake Nuclear Electricity Generation By 2026

NOTWITHSTANDING many obstacles, renewable energy resources are expected to generate 42 per cent of all electricity globally by 2028.

Latest report by DNV, an independent assurance and risk management provider, revealed that solar PV will also top nuclear electricity generation by 2026. According to the Energy Industry Insights 2024 tagged: “Transforming Through Uncertainty”, for the first time ever, in 2024, variable renewables ( dominated by solar PV and wind) will generate more electricity than hydropower.

It, however, noted that all renewables will generate more electricity than coal, while wind alone will produce more electricity than nuclear power by 2025.

“In 2026, solar PV will also top nuclear electricity generation, and by 2028 renewable energy resources are expected to generate 42 per cent of all electricity globally.

“This spectacular surge in renewables is just the beginning. The world is still heavily reliant on coal, oil, and natural gas which supply close to 80 per cent of total global energy.

“Electricity demand is also growing faster than renewable electricity generation, meaning renewables will not gain market share from fossil fuels until the early 2030,” it stated.

According to the report, renewables face fresh challenges which include; supply chain issues, rising costs, competitive pressure ( both from rivalsand alternative sources or services), permitting delays, and sustaining growth when subsidies and tax breaks end.

The Co- founder of Alexa Capital, Gerard Reid, said: “We’re now moving away from government subsidies for renewables towards power purchase agreements and capacity payments.”