Kingsmill Bond, Sam Butler-Sloss, Genevieve Lillis, and Matt Sugihara highlight a report in the latest installment of The Peaking Series that shows demand for fossil fuels has peaked in the electricity sector. It will plateau for a few years and be in clear decline by the second half of the decade.
The key driver of change is the rapid growth of solar and wind electricity generation on typical S-curves, driven by low costs, a shift of global capital, and the rising ceiling of what is possible.
In 2022, solar and wind will produce 600–700 TWh of new electricity. Added to the 100–200 TWh from other clean sources makes it enough to meet projected global electricity demand growth of around 700 TWh. (Bond et al., 2023)
References
Bond, K., Butler, S., Lillis, G., & Sugihara, M. (2023, January 19). Peak Fossil Fuel Demand for Electricity. RMI. Retrieved January 20, 2023, from https://rmi.org/insight/peak-fossil-fuel-demand-for-electricity/
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