Slow Evolving Automotive Market may Impact Green Transition
Solar Energy Beats the Fossil Fuels in 2024
By Shubhendra Anand , 23 October, 2024
The clean energy transition is racing to attain sustainability in the environment. There are a lot of steps involved in the clean energy transition. However, the shift in the energy sector is the major one that supports the clean energy transition. Globally, nations are adopting various solutions, such as renewables, electric vehicles, etc. Renewables like solar and wind energy are the critical source of clean electricity. China has been the major player in the solar energy market for some years. Recently, a survey announced that solar energy is gaining momentum, unlike other renewable sources in 2024. Surveys show seven solar Chinese companies will supply more energy than seven major fossil fuel companies in 2024.
A survey shows seven major fossil fuel companies will perform less than solar companies in the energy sector in 2024. All these solar companies are based in China. Experts claim that China's growth in the solar energy sector is quite good and can be a potential reason behind the robust growth of the solar energy sector in 2024. Solar energy is the largest source of clean electricity globally. Countries are adopting renewable energy sources to reduce fossil fuel usage in 2024. Thus, according to surveys, nations worldwide are trying to set up solar panels to boost solar electricity. Ernst and Young (EY) are among those seven solar companies that will produce the cheapest solar energy to produce electricity in 2024.
In 2023, the energy sector claimed that investment in solar energy production could surpass investment in fossil fuels. It indicates that there is a growing gap in investment between the clean energy sector and fossil fuels. However, the investment in cleaner fuels will be more than fossil fuels in 2024. Therefore, it is clear from the investment trends that clean energy sectors are in demand. Surveys show that if this continues for the next five years, the clean energy transition will attain a milestone by 2030. Hence, it will help significantly reduce greenhouse gas emissions.
Renewables performing better compared to fossil fuels by 2030
Latest News
Slow Evolving Automotive Market may Impact Green Transition
The global automotive industry faces multiple challenges in 2024. It is due to several other reasons apart from its affordability. Since the beginning of 2024, automotive trends have been evolving, shaking the balance of the automotive domain. A…
Indian Ferro Alloys Faces Numerous Challenges in 2024
Ferro alloys play a crucial role in India’s steel industry. The manufacturing and production sector relies on ferro alloys to boost the nation's heavy industries and steel production. A survey of 2024 shows that the ferro alloys market is facing…
High Cost and Infrastructure Constraints Drive the Global EV Sales
The automobile market has experienced a global slowdown since the beginning of 2024. However, the electric vehicle market plummeted over the period in 2024. Several constraints are behind the fall of electric vehicle sales, such as costly raw…
Hydrogen Trains in 2024 to Drive Sustainability
Hydrogen trains signify an essential development in the world's efforts to decarbonize transport. А Hydrogen-powered trains emerged as the fastest way of mobility, with specific coverage and significant developments in several areas, signifying a…
Mexico Energy Sector aims to Expand Clean Energy Transition by 2030
Mexico is progressing rapidly in the renewable energy sector, envisioning double its production by 2030. By 2024, 35% of electricity should come from clean sources, compared to 29% in 2022. With a focus on solar, geothermal, wind, and hydroelectric…
