Solar and wind power projects are on track to account for more than a third of the world’s electricity by 2030, showing that the energy sector can make the changes needed to meet global climate goals, a report by the Rocky Mountain Institute (RMI) reveals, reports Reuters.

Sultan al-Jaber, the president of the upcoming UN Climate Conference (COP28), had requested the tripling of renewable energy generation by 2030 in order to reduce greenhouse gas emissions and meet climate objectives, according to Agerpres.

The exponential growth of the sector means that solar and wind power projects are expected to generate at least 33% of global electricity, up from around 12% today, leading to a decrease in the use of fossil fuels and an energy cheaper, says the RMI report.

RMI, a US non-profit organization focused on green energy, conducted the research in partnership with the Bezos Earth Fund, a $10 billion fund created by Amazon owner Jeff Bezos.

The cost of solar energy, already the cheapest form of electricity generation, will drop to $20 per MWh from around $40 per MWh today as more projects are launched and economies of scale improve , the report states.

“The benefit of rapid deployment of renewable energy is greater energy independence and security, plus lower electricity prices in the long term,” said Kingsmill Bond, from RMI.