The world's energy system needs to transform towards renewable energy at unprecedented pace and scale – and it's possible to do this.
73% of global carbon emissions arise from use of fossil fuel-based energy, mainly for power and heat generation, cooling systems, transport, and industrial processes. Today, green energy makes up approx 14% of the global energy supply. It‘s projected to reach around 18% by 2030, well short of the 28% share that the IPCC says is needed.
Replacing fossil fuels with green energy is vital to curb emissions, and green energy technologies are being implemented at scale as cost of renewables continues to decline. Wind and solar are now cheaper than new-built coal or gas capacity in two thirds of the world, according to BNEF. For offshore wind, costs have dropped by 66% since 2012. However, the build-out of renewable energy is not happening fast enough.