The vast expenditure on renewables during the past decade has seen installed capacity equivalent to a mere 2% of global energy demand. The world remains and will remain dependent on fossil fuels well into the 21st century if not beyond.
A new report by Woods MAckenzie forecasts that coal, oil and gas will still contribute about 85 per cent of primary energy supply by 2040, compared with 90 per cent today, jeopardising efforts to contain the worst impacts of climate change.
Energy consultancy Wood Mackenzie said 1 TW of installed solar and wind capacity makes up around 8 per cent of total power generation as of 2019. This equates to just a fraction of total energy consumption.
The deamnd for energy is not coming from teh developed western economies, it is the emergining economic playing catch-up in Asia and Africa that will see an increase in energy deamnd of 25% though 2040.
If the World was to aggressively pursue compliance with the PAris accord and the Green New Deal, developing countries would be forever remain in energy deficit and the wealth transfer that is renewable subsidies would continue to enrich the top 1%.
Renewables have a role to play where they can be supported by economics, particularly in remote areas lacking energy infrastructure, but for much of the world, fossil fuels will remain the energy source of choice for at least the next 50 years.