Every once a while, we get to witness something that is incredible. I think the energy transition that is unfolding right now falls under that category.
The Bloomberg team shared a couple of charts that tell a powerful story. Renewable power (wind and solar) are beginning to get on an exponential growth curve. They are already at 13% of global power generation and those numbers are going to look very different at the end of this decade.
Check out that exponential growth curve. It is a pity that nuclear has stagnated as it is still significantly better than some of the other sources on offer. More on that another time.
When we talk about energy transitions, someone always asks the “what about China question?” China’s adoption of renewable power generation in the past decade has been blistering.
This is all fantastic news. As this transition accelerates, our storage capacity will get better. It is a virtuous cycle.
And it is only going to get faster as renewable power continues to become cheaper. We are already at the point where it doesn’t make financial sense to not build a new solar or wind power plant to generate electricity.
And, incredibly, electricity from renewables continues to become cheaper.
Lithium-ion batteries are working to keep up as well.
Incredible.
