Despite Global Tumult, The Clean Energy Transition is Gaining Speed Investment in wind and solar is set to outpace oil and gas drilling for the first time this year — a milestone in the worldwide transition to clean energy that comes in spite of a spiraling energy crisis and calls to increase fossil fuel production. The International Energy Agency estimates the growth of low-carbon electricity generation this year will lead to a slight decrease in fossil fuel generation. And the U.S. Energy Information Administration projects renewables will generate more power in the United States this year than coal. These forecasts suggest the clean energy transition has remained durable in the face of prevailing headwinds. This year, the cost of energy has been thrust to the forefront of public debate. Energy prices have risen steadily in the last year due to the combination of pandemic-induced supply chain shortages, surging demand, and Russia’s invasion of Ukraine, which upended global energy markets. Yet at the same time, strong renewable production still has persisted. The reason? The high power prices increase the returns for renewable projects, creating incentive for an energy transition. Renewables are attractive to countries facing soaring costs because wind and solar have no fuel costs and are domestically produced. The study also found that renewable projects in a handful of European countries could pay back their costs within a year at current power prices. The importance of this report lies in the impact; investments into renewables are likely to increase further moving forward as renewable project payback times shorten. https://www.eenews.net/articles/clean-energy-transition-gains-speed-despite-global-tumult/