Renewable energy is gaining momentum. Within a quarter of a century, one third of global electricity generation will be supplied by wind and solar, according to a report from Bloomberg Renewable Energy Finance (BNEF) released this month.
BNEF, which produces long-term forecasts on the global energy sector, says wind and solar will make up nearly half of installed capacity and 34 percent of electricity generation globally by 2040, a significant increase from today’s 12 percent and 5 percent respectively. The plunging cost of renewable energy is making it cheaper than coal generation in many countries. The cost of solar photovoltaic (PV) panels will fall by 66 percent and onshore wind, by 47 percent. The report predicts a $7.4 trillion investment, approximately $400 billion per year, in new renewable energy generation globally by 2040.
Meanwhile, the United States just hit a renewable energy milestone. Last week, the Energy Information Administration (EIA) announced for the first time wind and solar made up over 10 percent of the nation’s electricity generation in the month of March.
This record-breaking share was aided by low demand, common in the spring and fall months, longer days with more sunlight, also typical of spring months, and higher winds in parts of the country like Texas and Oklahoma. Wind and solar will likely hit double-digits again in April before dipping in the summer.
Some experts argue the U.S. could run solely on renewable energy by mid-century – and that’s caused some controversy among the scientific community.
Last week, a group of over 20 researchers published a paper in the Proceedings of the National Academy of Sciences (PNAS) assessing the feasibility of that 100 percent target. The assessment is a response to a 2015 paper, also published by PNAS and led by Mark Jacobson, a professor at Stanford University, which argued that wind, solar, and hydroelectric power could meet U.S. electricity needs affordably and without risk to grid stability between 2050 and 2055.
Jacobson’s report has been both popular and contentious. It has been supported by many environmental organizations and touted by public figures, like former presidential candidate and U.S senator Bernie Sanders.
Now, researchers led by Christopher Clack, founder of Vibrant Clean Energy, are taking issue with Jacobson’s paper, arguing this week in PNAS that its analysis “involved errors, inappropriate methods, and implausible assumptions.” The rebuttal contends that Jacobson’s paper does not make a sufficient argument against previous analysis holding that a diverse set of technologies beyond wind, solar, and hydroelectric power are needed in the transition to a low-carbon future, and that a target of 80 percent is more feasible renewable power generation goal.
Jacobson fired back with a counter response, also published in PNAS, and in an interview with the MIT Technology Review, he called into question his critics’ motives. “They’re either nuclear advocates or carbon sequestration advocates or fossil-fuels advocates,” Jacobson told the online publication. “They don’t like the fact that we’re getting a lot of attention, so they’re trying to diminish our work.”
Those questioning a fully renewable-power U.S. electricity system say some nuclear and carbon capture and storage as well as continued use of some fossil fuel-based sources are also needed, because of the intermittent nature of wind, solar, and hydroelectric power, and, as of yet, there is insufficient storage capacity.
The Trump administration is among critics who say a large-scale conversion to renewable energy could be destabilizing to the U.S. electric grid. Energy Secretary Rick Perry is expected to release a report in the next month reviewing federal regulations to determine whether policies supporting renewable energy, like the Obama-era Clean Power Plan, have made the national electricity grid less reliable. Anticipating the department of energy analysis, two industry organizations released their own report this week, finding that wind and solar have not threatened the reliability of the grid.
It’s no secret President Trump supports the coal industry. Earlier this month he announced plans to withdraw the U.S. from the Paris climate accord, making good on a promise he reiterated throughout his White House bid and isolating the U.S. from the 194 other countries supporting global carbon reduction efforts. Previously, he ordered Environmental Protection Agency (EPA) administrator Scott Pruitt to scrap the Clean Power Plan, which was expected to reduce power sector emissions by 32 percent below 2005 levels by 2030.
Regardless, the U.S. will come close to achieving those power sector emission reductions even without the federal policy. According to the BNEF report, the U.S. is expected to reduce emissions by 30 percent below 2005 levels by 2030. And renewable energy sources are giving coal and fossil fuels a run for its money. The BNEF report also predicts that by 2040 coal consumption will have dropped 51 percent and be replaced by cheaper renewables and natural gas.