The revolution of renewable energies
Álvaro Manteca, Director of Investment Strategy at BBVA Private Banking.

06/30/2023

Six decades ago, hydroelectric generation represented 95% of the world's zero-emission energy. At the turn of the century, this share fell to 47.2%, being overtaken by nuclear power, which generated 48.6% of the total. And in reaching 100%, in 2001 only 4.2% of the world's zero-emission electricity corresponded to wind, solar, geothermal, biomass and other clean power generation technologies.

However, these technologies, particularly wind and especially solar, were at the outset of an exponential increase in production. In 2020 non-hydraulic renewable generation overtook nuclear power generation; one year later, wind and solar electricity generation by themselves surpassed nuclear power generation. Last year, hydroelectric power generated 4334 terawatt-hours, whereas non-hydroelectric renewable energies generated 4204 terawatt-hours.

The growth of non-hydroelectric renewable generation in 2022 with respect to 2021 exceeded 500 terawatt-hours, which is more than all the electricity consumed by France last year and very close to Germany's consumption level. Thanks to the record solar power capacity that will be installed in 2023, it is only a matter of months before non-hydroelectric renewable energies become the most important source of clean power generation worldwide.