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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
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Shubhendra Anand
Head Research
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