Solar and wind energy are growing faster than past major energy technologies

Four major energy technologies have emerged in the past 60 years: nuclear power, liquefied natural gas, solar and wind.

According to a recent energy report from Shell, solar and wind energy are growing faster than their predecessors.

Growth in new energy tech picks up after its total power generated per year exceeds one exajoule (EJ).

Context: One EJ is close to Mexico’s total electricity consumption in 2019.

• It took nuclear power 19 years to get to 1 EJ — and only four years to double to 2 EJ.
• Solar energy passed 1 EJ in 2016 and has significantly ramped up since.

The renewable energy transition continues to ramp up. Last week, the European Union pledged to double its energy from renewable energy sources by 2030.

Dive in: Timing matters when investing in solar ETFs.