Electricity, One of the most compelling reasons for this shift is the urgent need to combat climate change, with fossil fuels responsible for approximately 75% of global greenhouse gas emissions. Renewable energy sources, such as solar, wind, and hydropower, accounted for 26.2% of global electricity generation in 2020, and the cost of solar panels has decreased by about 89% over the past decade, making them increasingly affordable. Energy storage solutions are also advancing, with battery prices falling by 87% over the last decade, and the global energy storage market is expected to grow at a compound annual growth rate (CAGR) of 31.4% from 2021 to 2026. The electrification of transportation is well underway, with global electric vehicle (EV) sales reaching over 3 million units in 2020, marking a 43% increase from the previous year, and projections indicating that EVs will make up 30% of all vehicle sales by 2030. In industries, electric machines and processes are becoming more efficient, with electric arc furnaces consuming 60-70% less energy compared to traditional blast furnaces, and electric motors accounting for approximately 40% of global electricity consumption. However, there are challenges and controversies to address; the production of lithium-ion batteries for EVs was responsible for 63% of the world's lithium-ion battery manufacturing emissions in 2020, and substantial investments, estimated at $13 trillion by 2050, are required to upgrade the global power sector's infrastructure to meet growing electricity demand. In conclusion, electricity's journey to replace fossil fuels is both exciting and essential for our planet's future, with these statistics underscoring its impact and the challenges that lie ahead. This shift is not just a technical or scientific revolution; it's a necessary step in safeguarding our environment and ensuring a sustainable future for generations to come.
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