Solar and wind potential is far higher than that of fossil fuels and can meet global energy demand many times over, unlocking huge benefits for society. With current technology and in a subset of available locations we can capture at least 6,700 PWh p.a. from solar and wind, which is more than 100 times global energy demand. The collapse in renewable costs in the last three years means that half of this solar and wind technical potential now has economic potential, and by the end of the decade it will be over 90%.
The fossil fuel industry cannot compete with the technology learning curves of renewables, so demand will inevitably fall as wind and solar continue to grow. At the current 15-20% growth rates of solar and wind, fossil fuels will be pushed out of the electricity sector by the mid-2030s and out of total energy supply by 2050.The unlocking of energy reserves 100 times our current demand creates new possibilities for cheaper energy and more local jobs in a more equitable world with far less environmental stress. Poor countries are the greatest beneficiaries. They have the largest ratio of solar and wind potential to energy demand and stand to unlock huge domestic benefits.