Real Estate Appraiser Greg Brashears

California Certified General Appraiser

Gift Trusts, Probate, Divorce, Seller Pre-Listing, Buyer Cash Purchase

V 805-650-9340

EM gb@gregbrashears.com

The survey found that last year, renewable energy sources and nuclear power together accounted for 39 percent of worldwide energy production. Solar increased by 24 percent, and wind by 17 percent from the previous year.

This will be the first time this has occurred outside of a recession, according to Ember’s report.

In 2022, the emissions intensity of the world’s electricity also fell to its lowest level ever, due to unprecedented growth in wind and solar power.

As higher gas prices increased the cost of fuel, gas-fired power generation decreased by 0.2 percent last year, while coal-fired power generation increased by 1.1 percent.

The power sector’s carbon emissions increased by 1.3 percent in 2022, but the growth of solar and wind mitigated the impact.

Assuming average growth in the demand for electricity and renewable energy, Ember forecasts that fossil fuel production will decrease by 0.3 percent this year.

This would indicate that emissions reached their ‘peak’ in 2022. A new era of declining power sector emissions is imminent.

The International Energy Agency has declared that the electricity sector –the largest source of carbon dioxide emissions – must be the first to reach net zero by 2040. According to Reuters, to reach this milestone, wind and solar would have to account for 41 percent of global electricity production by 2030.

Following the findings of the report, 2022 will be remembered as a pivotal year in the global transition to renewable energy. Russia’s invasion of Ukraine prompted numerous governments to reevaluate their strategies in light of soaring fossil fuel prices and security concerns regarding their reliance on fossil fuel imports. It also accelerated electrification, resulting in an increase in heat pumps, electric vehicles, and electrolyzers. These will drive emissions reductions in other sectors, and increase the impetus to develop clean energy more rapidly.