The Fastest Energy Transition in History: A Renewable Revolution in Full Swing

Strategic Insights -

The shift away from fossil fuels is underway at an unprecedented pace, with clean energy investment reaching record highs and renewables outpacing fossil fuels in many parts of the world. Despite claims that progress is slow, the scale of the change is becoming clear. Solar and wind power are leading the way, with solar becoming the dominant source of new capacity. Energy storage is also advancing rapidly, with prices falling and widespread adoption.

Key Takeaways:

  • Clean energy investment is reaching record highs, with A$3.3 trillion projected for 2025, double the investment in fossil fuels and more than four times what it was just a decade ago.
  • Renewable energy capacity is being added at all-time highs, with over 585 gigawatts of new wind and solar capacity built in 2024-25.
  • Solar is outpacing any other energy source in growth, with solar farms becoming the norm and energy storage costs falling rapidly.
  • Developing nations are adopting renewable energy at speed, with nearly 90% of funding for new energy sources now going to renewables.
  • In 2024, there were almost 58 million battery electric and plug-in hybrid cars on the world's roads, avoiding the need to burn more than 250 million litres of oil per day.
  • The UK has closed its last coal plant, and its emissions have fallen more than 50% below 1990 figures.

Statistics:

  • Renewable energy capacity is being added at an all-time high of over 585 gigawatts in 2024-25.
  • Clean energy investment is projected to reach A$3.3 trillion in 2025, double the investment in fossil fuels.
  • Solar is now the dominant source of new capacity, with over 21% of Australia's electricity coming from renewables.
  • Energy storage costs have fallen significantly, with prices declining by [insert percentage].
  • Over 250 million litres of oil per day can be avoided by the widespread adoption of electric vehicles.

Sources:

  • International Energy Agency
  • Peter Newman, Professor of Sustainability, Curtin University
  • The Conversation (Au and NZ)
  • https://theconversation.com/climate-action-can-feel-slow-but-the-fastest-energy-leap-in-history-has-begun-264483