A pair of recent reports on the growth of renewable energy show how renewable sources are growing rapidly in response to global energy needs. They also show we have a long way to go to replace traditional energy sources.
First, Exxon Mobil has released its annual Outlook for Energy which forecasts energy demand until 2030. Here are some of the highlights:
- Global energy demand is forecast to grow at an annual rate of 1.3% per year, with the developing world growing a a 2% rate, and the developed at 0.5% per year.
- Hydrocarbons will make up 80% of energy use through 2030. Oil and gas will be 60% of the total energy use.
- Wind, solar and biofuels will have excellent growth of 9% per year. However, these sources now only provide 0.5% of world energy use and will be only 2% in 2030.
The U.S. Department of Energy; Energy Efficiency and Renewable Energy program (EERE) has released a preliminary report on the growth of renewable energy sources. This report has some good news on the growth of renewable energy. Renewable energy use is growing at greater than 10% per year world wide:
- Excluding large hydro-power, renewable electricity production grew 15% last year and now makes up 5.5% (237 gigawatts) of global energy production.
- Breaking down renewable sources, first the percentage of renewable power the source provides, and second the growth of production last year (if provided):
- Wind power: 40% of renewable with 25% growth
- Small hydro-power: 31%
- Biomass fueled electricity: 18.5%
- Geothermal: 4.2%
- Grid connected PV systems: 3.2% with 56% growth
- Ethanol production increased 15% to 11.6 billion gallons and biodiesel increased 33% to 2 billion gallons.
These reports show how renewable energy is and will provide outstanding growth in investment potential, jobs and global weather benefits. However, projections show well over 90% of energy will still come from hydrocarbon sources, so there is a long way to go.
