The Renewable Revolution Continues. While 2023 was a challenging year for clean energy, we highlight six points that prove the revolution marched on. December 19, 2023 By  Sam Butler-Sloss,  Kingsmill Bond,  Daan Walter,  Laurens Speelman  By some measures, 2023 was a challenging year for clean energy. Interest rates rose, supply chains remained stressed, Western wind players struggled, interconnection queues grew, and clean energy stocks underperformed. Yet, the renewable revolution marched on. In 2023, the costs of clean technologies started falling again; the growth in clean technologies continued up S-curves; fossil fuel demand remained on a plateau; the geopolitical race to lead the renewable era sped up; clean tech manufacturing surged; and policy action continued to ratchet higher. Below we describe six reasons 2023 was a year of success and continuity for the renewable revolution.

1. Costs fell....... After the bounce in prices in 2022, this past year cleantech prices continued falling on learning curves. Relative to the first half of last year, the LCOE of utility solar PV fell by 9 percent to $41/MWh and the LCOE of onshore wind is down 13 percent to $40/MWh. Solar panel module prices fell 50 percent this year to 12 cents/W — as of December. Battery cell costs are down 16 percent, now at $107/kWh.

2. Volumes rose.....According to BloombergNEF, the world is expected to deploy an astonishing 413 GW of solar this year, representing a 64 percent year-on-year growth in additions. Despite the travails of wind in the West, global wind additions are up 18 percent, exceeding 100 GW. Electric vehicle car sales are set to surpass 14 million, capturing 20 percent of the global market. Electric vans and trucks are taking off in China, gaining an 11 percent and 3 percent market share, respectively, in the first 10 months of the year. Globally, battery storage sales are expected to triple. Electrolyzer shipments are expected to roughly double. Solar, batteries, and EV sales continue to follow their well-established S-curves.

3. The plateau in fossil fuel demand continued....As clean tech volumes continue to rise, it is becoming ever clearer that global fossil fuel demand and emissions have hit a peak and are bouncing along a plateau. ....read on.....https://rmi.org/the-renewable-revolution-continues/