The Dawn of a New Era: Clean Energy Reaches Record Heights

As the world transitions away from fossil fuels, clean energy is increasingly becoming the dominant source of power. Last year, nearly all new power capacity came from renewable sources, with investment in clean energy soaring to $2 trillion. Solar and wind are now the cheapest sources of power on Earth, creating jobs, boosting growth, and powering progress. Despite this, fossil fuels still receive far greater subsidies, and countries clinging to fossil fuels are undermining their economies and missing the greatest economic opportunity of the 21st century.

Key Takeaways:

• Clean energy investment reached $2 trillion last year, surpassing fossil fuel investment by $800 billion.
• Solar and wind are now the cheapest sources of power on Earth, with a ratio of just 60 cents invested in grids and storage for every dollar invested in renewable power.
• Countries must commit to the clean energy future by submitting national climate plans with targets for the next decade, aligning with limiting global temperature rise to 1.5°C.
• Governments must build 21st-century energy systems, aiming to meet the world's surging energy demand with renewables, and address the growing demand for electricity in data centres.
• The energy transition must be fair and just, addressing communities still dependent on fossil fuels and reforming critical minerals supply chains.
• Trade must be used as a tool for energy transformation, diversifying clean energy supplies, cutting tariffs on clean energy goods, and modernizing investment treaties.
• Finance must be driven to developing countries, with international action needed to prevent debt repayments sucking developing country budgets dry and leveraging more private finance.

Statistics:

• $2 trillion: Last year's clean energy investment, surpassing fossil fuel investment by $800 billion.
• 60 cents: The amount invested in grids and storage for every dollar invested in renewable power.
• 80%: Global emissions attributed to G20 countries, responsible for leading the clean energy transition.
• 2030: The year by which data centres could consume as much electricity as Japan does today.
• 2%: The share of renewables investment received by Africa last year, despite having 60% of the world's best solar resources.
• 60%: The share of the world's best solar resources found in Africa.

Sources:

• BloombergNEF
• International Energy Agency (IEA)