Adding new supplies of clean energy is essential to improve energy security, provide energy access, and sustain economic growth. Doing so at an accelerated pace is critical to effectively address climate change. CEM energy supply initiatives are addressing barriers to speed deployment of critical clean energy supply technologies, such as solar and wind.
Clean energy is one of the fastest-growing sources of new electricity generation in the world. Driven by the declining costs of renewable energy technologies, global investment in new renewable capacity has increased five-fold over the last decade, and since 2011, clean energy has accounted for the majority share of total capacity additions worldwide.
Much of the recent growth in renewables deployment stems from onshore wind and solar photovoltaics (PV), which at utility scale are increasingly cost-competitive with conventional generation. Continued cost declines and innovation in financing and business models will expand the competitiveness of these technologies. For other technologies such as hydropower, offshore wind, geothermal, and bioenergy, growth has been slower. Carbon capture and storage (CCS), widely seen as a critical technology for the transition to clean energy supply, has also not yet seen the large-scale deployment needed to drive down costs.
CEM energy supply initiatives are working to address both technical and nontechnical barriers; to build momentum; and to enable faster, broader, and economically competitive clean energy deployment.