It's probably less than you think
Every week, it seems, I read a headline talking about the great strides in renewable energy. About how entire countries are being powered without fossil fuels or nuclear power. About how we're on the cusp of a transformation in energy to green power.
I'm optimistic that will take place and the advances in solar and wind power have ben truly remarkable but the truth is that renewables still make up only a tiny fraction of global energy use.
In 2015, there were 146,000 terawatt-hours of energy consumed. Of that, just 333 TWh were solar, or about 0.2%. Wind was about 0.6%. Even including hydroelectricity and modern biofuels, less than 5% of global usage was from renewables.
Some analysts and pundits would have you believe that the economic winners in the near future will be those who quickly make the transition. There are many arguments that fossil fuel exporters are wasting time by investing in projects like pipelines and terminals.
The reality is that fossil fuel demand has never been higher and we're at least a generation away from renewable energy dominance. There are still more than 1 billion people without access to electricity at all. The paradox is that as more is invested into renewables, and the technology advances, it will lead to less demand for fossil fuels. However, by lowering demand, it will make fossil fuels cheaper and make them more economical and lead to more use.
