Is solar energy outshining LNG and nuclear?
Solar has been revealed as having one of the fastest growth rates of any energy source, including wind, liquefied natural gas (LNG), and nuclear.
Solar has been revealed as having one of the fastest growth rates of any energy source, including wind, LNG, and nuclear.
In terms of renewable energy growth rates, this is not new—the EU states that solar grew from 7.4 TWh in 2008 to over 160 TWh by the 2020s.[1] However, a new report from Shell suggests that solar is outpacing the likes of LNG and nuclear.[2]
The report measured the growth of various energy technologies, after passing a minimum threshold of supplying 1 exajoule (EJ) per year.
In solar’s sixth year past the 1 EJ point, it supplied 2.5x as much energy as what LNG supplied at that same stage. In its seventh year, solar supplied 1.5x what nuclear did.
Clearly, solar is growing rapidly, and faster than the other energy sources that preceded it. This is important, because global energy consumption has more than doubled since nuclear energy reached the 1 EJ point, around 50 years ago.
So, in order to have an impact similar to that of LNG and nuclear when they first arrived, solar may have to grow twice as fast.
Last year, EU wind and solar generated more electricity than fossil fuels for the first time, with solar alone growing by 24% over 2022, and it shows no signs of slowing down.[3]
[1] https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Renewable_energy_statistics#:~:text=Solar%20power%20is%20the%20fastest,is%20presented%20in%20Figure%202.
[2] https://www.bloomberg.com/news/articles/2023-04-03/solar-and-wind-energy-leave-the-past-growth-of-nuclear-in-the-dust?cmpid=BBD040323_GREENDAILY&utm_medium=email&utm_source=newsletter&utm_term=230403&utm_campaign=greendaily&leadSource=uverify%20wall
[3] https://www.euronews.com/green/2023/01/31/major-milestone-for-eu-energy-wind-and-solar-produced-more-electricity-than-gas-in-2022
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