Just Released New Report from UN on Supercharging the New Energy Era

Key Impact Points:

• Renewables made up 92.5% of new power capacity in 2024; solar is now 41% cheaper than fossil fuels.
• Global clean energy investments surpassed $2 trillion in 2024, creating 34.8 million jobs.
• Developing countries outside China received just 15% of clean energy finance—despite holding the largest potential and greatest need.

UN Signals Historic Shift in Global Energy Landscape

The United Nations has released a landmark report, “Seizing the Moment of Opportunity: Supercharging the New Energy Era”, marking ten years since the Paris Agreement and signaling a pivotal turning point in the global energy transition.

“The world is poised for a breakthrough in the rapid and widespread transition from energy systems dominated by fossil fuels to those dominated by homegrown, low-cost renewables,” the report states.

The report—produced by the UN Secretary-General’s Climate Action Team—underscores that while progress has been exponential, especially in renewables, electrification, and efficiency, structural and financial barriers are still preventing a truly global transition.

Solar and Wind Now Outcompete Fossil Fuels on Cost and Speed

Solar and wind have become the cheapest and fastest-deploying forms of electricity generation worldwide. In 2024, 96% of new utility-scale solar PV and wind capacity cost less than new coal and gas, and 75% undercut existing fossil plants.

Project lead times for solar and wind are 1–3 years—much shorter than coal (5+ years) and nuclear (10–15 years).

“In 2024, the global average electricity generation cost from solar PV was 41% cheaper, and onshore wind 53% cheaper, than the least-cost new fossil fuel-fired power plant.”

Renewable Energy Growth Is Outpacing Fossil Fuels

Between 2015 and 2024:

• Renewable capacity increased by 140%, while fossil fuel capacity rose just 16%.
• EV sales surged by 3,300%, from 0.5 million in 2015 to over 17 million in 2024.
• Renewables accounted for 92.5% of new capacity additions and 74% of generation growth in 2024.

Experts conclude that solar, wind, and EVs have passed a “positive tipping point,” entering a virtuous cycle of declining costs and accelerating adoption.

Clean Energy Now Powers Growth and Employment

In 2024:

• Clean energy investments topped $2 trillion.
• The sector added $320 billion to the global economy—10% of global GDP growth and one-third of EU GDP growth.
• Clean energy jobs reached 34.8 million, surpassing fossil fuel employment.

“In China, clean energy accounted for 10% of GDP and 26% of its GDP growth in 2024.”

“The fossil fuel age is flailing and failing. We are in the dawn of a new energy era.” ANTÓNIO GUTERRES, United Nations Secretary-General

Barriers Threaten Global Energy Equity

Despite progress, fossil fuels still comprise 80% of global energy supply. The clean energy boom remains concentrated:

• China holds 41% of global renewable capacity.
• OECD countries: 39%
• Africa: only 1.5%, despite being home to 85% of people without electricity access.

“Since the Paris Agreement came into force, less than one in every five dollars invested in clean energy has gone to emerging markets and developing economies outside China.”

Financing remains the greatest challenge: EMDEs must increase annual clean energy investment by 5–7 times by 2030 to reach $1.4–1.9 trillion.

A Six-Pillar Plan to Accelerate the Transition

To fully unlock the clean energy era, the report calls for coordinated international action:

1. Policy Coherence: Align laws, subsidies, and incentives around a just energy transition.
2. Infrastructure Investment: Prioritize grids, storage, and EV charging.
3. Meet Demand with Renewables: Especially in AI and data-heavy sectors.
4. Equity and Inclusion: Ensure affordability, access, and justice for vulnerable groups.
5. Trade and Investment Reform: Expand participation in green supply chains.
6. Mobilize Finance: Tackle high capital costs in developing countries.

“The race to develop and deploy clean energy technologies… is the defining economic imperative and opportunity of this decade.”

Why This Matters Now

The report concludes with a stark warning: although clean energy has “entered a new era,” the pace is not yet aligned with 1.5°C targets. Fossil fuel subsidies remain high, global CO₂ emissions are at record levels, and 3,000 GW of renewables are stuck waiting for grid connections.

With smart policy, investment reform, and global cooperation, the UN says a “clean, secure, affordable, and equitable global energy system is within our reach.” But action must be urgent—and equitable.