132. Minutes: Ember’s Global Electricity Review 2024
May 13, 2024
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Dave Jones from Ember discusses the Global Electricity Review 2024, highlighting the rise of renewables to 30% of global electricity supply. Solar generation grew by 23%, wind by 10%, while fossil fuels saw a minimal increase. The shift towards clean energy sources and the impact of electrification and data on global electricity demand are key topics of discussion.
Renewable sources account for 30% of global electricity supply, with solar generation up 23% and wind up 10%, highlighting the significant growth of clean energy.
Global electricity demand shows a disparity between developed and emerging nations, with a shift towards electrification driven by factors like electric vehicles and heat pumps.
Deep dives
Renewables Providing 30% of Global Electricity
The podcast discusses how renewables have played a significant role in providing 30% of global electricity, with an additional 10% from nuclear sources. Despite this progress, around 60% of the world's electricity still comes from fossil fuels. The conversation highlights the accelerating shift towards renewable technologies, particularly emphasizing the rise in solar power and the continuous challenge of reducing reliance on fossil fuels.
Electrification Trends Across Countries
The podcast delves into the differences in electricity demand growth between developed and emerging countries. Developed nations like the EU experienced a decline in electricity demand, while emerging countries, primarily China and India, showed significant growth. The discussion also anticipates an increase in electrification, especially with the rising demand for electric cars and heat pumps.
Solar Energy Revolution and Future Outlook
The episode emphasizes the rapid growth and adoption of solar energy as a key player in the renewable energy sector. Solar technology's quick emergence to the market has surpassed expectations, unlocking new levels of renewable generation and reducing fossil fuel dependency. The integration of solar panels in various settings, including residential and commercial spaces, coupled with advancements in battery technology, signals a promising future for solar energy's continued momentum and potential tripling of global renewables by 2030.
We bring in the star of the week, Ember’s Dave Jones, to discuss the Global Electricity Review 2024, published last week. Main take aways (thank you Nat Bullard):
Renewable sources (hydro, wind, solar, geothermal, biomass) are now 30% of global electricity supply.
Solar generation increased 23% yoy; wind 10%.
Fossil fuel generation increased 0.8%.
If not for a decline in hydro production, renewables would have met almost the entirety of the global increase in electricity demand. We are entering a new era of electricity with three great flexors acting on a complex and growing supply mix:
Continued growth of wind+solar increasing global clean electron supply
Variations in hydro and nuclear production
Demand driven by electrification, data, and global wealth
We partner with EcoSummit Berlin, the annual unique gathering for startups and investors to discuss to decarbonise our economy and save our climate. Berlin 4-5 June. If you don’t have your tickets (yet) https://ecosummit.net/
Finally Happy Anniversary to Paul Chapman and his excellent podcast HC Insider who is about to change name to HC Commodities podcast. 200th episode. Really if you are interested in Commodities markets, from Oil to Power to Metals to Ags, Trading , they are the best.
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