Summary
Two reports state that the switch to renewable energy has gained significant momentum, with solar and wind power becoming more affordable and widely used. Most new electricity worldwide in recent years came from renewable sources, although fossil fuel production still grows. The reports call for faster transition, especially in regions like Africa.
Key Facts
- In 2024, 92.5% of new electricity added globally was from renewable sources.
- Electric vehicle sales grew from 500,000 in 2015 to over 17 million in 2024.
- Onshore wind, solar panels, and hydropower are currently the cheapest electricity sources.
- Solar power is 41% cheaper, and wind power is 53% cheaper than the cheapest fossil fuels.
- $2 trillion was invested in green energy last year, $800 billion more than in fossil fuels.
- Fossil fuels received $620 billion in global subsidies in 2023, compared to $70 billion for renewables.
- Global fossil fuel production is still increasing because overall energy demand is rising.
- Africa accounted for less than 2% of the new green energy capacity added last year.
