A global report indicates that 2023 likely saw the peak of electricity generation and greenhouse gas emissions from fossil fuel-fired power plants, a significant shift as renewables now account for 30% of global electricity. Electricity from fossil fuels is projected to decline by 2% in 2024 and continue falling long-term as the renewable transition accelerates. However, without the US, global gas use for electricity would have declined in 2023, but the US significantly ramped up gas generation.
Category
🗞
NewsTranscript
00:00It's Benzinga and here's what's on the block.
00:02A global report indicates that 2023 likely saw the peak of electricity generation and greenhouse gas
00:08emissions from fossil fuel power plants, a significant shift as renewables now account
00:13for 30% of global electricity. Electricity from fossil fuels is projected to decline by 2% in 2024
00:20and continue falling long term as the renewable transition accelerates. However, without the US,
00:26global gas use for electricity would have declined in 2023, but the US significantly ramped up gas
00:32generation. The US relies more on gas than other nations and is replacing coal plants with gas
00:38instead of renewables. At just 23% renewable, the US lags behind the global 30% average
00:44and risks falling further behind without faster transitions. For all things money visit Benzinga.com