Are renewables overtaking fossil fuels?

Sources: U.S. Energy Information Administration (EIA) and Wells Fargo Investment Institute. Annual data from January 1, 1786 to December 31, 2021. EIA forecast data from 2022–2050 as of September 30, 2022. Total renewables includes hydro, geothermal, wind, solar, and biomass primary energy consumption. Dotted lines represent EIA forecast data. Forecasts are not guaranteed and based on certain assumptions and on views of market and economic conditions which are subject to change. The commodities markets are considered speculative, carry substantial risks, and have experienced periods of extreme volatility.

Key Takeaways

  • Our lives revolve around energy use — lots of it. Fossil fuels such as coal, oil, and natural gas generate most of that energy today.
  • Despite the accelerating green energy transition, fossil fuels will likely be the world’s primary energy source for decades to come.