$2T went into clean energy last year

$2T went into clean energy last year | Daily Tribune

The headlines are dominated by a world in trouble. By conflict and climate chaos. By rising human suffering. By growing geo-political divides. But amid the turmoil, another story is being written. And its implications will be profound.

Throughout history, energy has shaped the destiny of humankind — from mastering fire, to harnessing steam, to splitting the atom. Now, we are on the cusp of a new era. Fossil fuels are running out of road. The sun is rising on a clean energy age.

Just follow the money. $2 trillion went into clean energy last year — that’s $800 billion more than fossil fuels, and up almost 70 percent in ten years. And new data released today from the International Renewable Energy Agency shows that solar — not so long ago four times the cost of fossil fuels — is now 41 percent cheaper. Offshore wind — 53 percent. And over 90 percent of new renewables worldwide produced electricity for less than the cheapest new fossil fuel alternative.

This is not just a shift in power. This is a shift in possibility. Yes, in repairing our relationship with the climate.

Already, the carbon emissions saved by solar and wind globally are almost equivalent to what the whole European Union produces in a year. But this transformation is fundamentally about energy security and people’s security. It’s about smart economics. Decent jobs, public health, advancing the Sustainable Development Goals. And delivering clean and affordable energy to everyone, everywhere.

Today, we are releasing a special report with the support of UN agencies and partners — the International Energy Agency, the IMF, IRENA, the OECD and the World Bank. The report shows how far we have come in the decade since the Paris Agreement sparked a clean energy revolution. And it highlights the vast benefits — and actions needed — to accelerate a just transition globally.

Renewables already nearly match fossil fuels in global installed power capacity. And that’s just the beginning. Last year, almost all the new power capacity built came from renewables. And every continent on Earth added more renewables capacity than fossil fuels. The clean energy future is no longer a promise. It’s a fact. No government. No industry. No special interest can stop it.

Of course, the fossil fuel lobby of some fossil fuel companies will try — and we know the lengths to which they will go. But I have never been more confident that they will fail — because we have passed the point of no return. For three powerful reasons.

First, market economics.

For decades, emissions and economic growth rose together. No more. In many advanced economies, emissions have peaked, but growth continues.

In 2023 alone, clean energy sectors drove 10 percent of global GDP growth. In India, 5 percent. The United States, 6 percent. China — a leader in the energy transition — 20 percent. And in the European Union, nearly 33 percent.

And clean energy sector jobs now outnumber fossil fuel jobs — employing almost 35 million people worldwide.

Even Texas — the heart of the American fossil fuel industry — now leads the US in renewables. Why? Because it makes economic sense.

And yet fossil fuels still enjoy a 9 to 1 advantage in consumption subsidies globally — a clear market distortion. Add to that the unaccounted costs of climate damages on people and planet — and the distortion is even greater. Countries that cling to fossil fuels are not protecting their economies — they are sabotaging them. Driving up costs. Undermining competitiveness. Locking-in stranded assets. And missing the greatest economic opportunity of the 21st century.

Second — renewables are here to stay because they are the foundation of energy security and sovereignty.

Let’s be clear: The greatest threat to energy security today is in fossil fuels. They leave economies and people at the mercy of price shocks, supply disruptions, and geopolitical turmoil. Just look at Russia’s invasion of Ukraine. A war in Europe led to a global energy crisis. Oil and gas prices soared. Electricity and food bills followed.

In 2022, average households around the world saw energy costs jump 20 percent.

Modern and competitive economies need stable, affordable energy. Renewables offer both. There are no price spikes for sunlight. No embargoes on wind. Renewables can put power — literally and figuratively — in the hands of people and governments. And almost every nation has enough sun, wind, or water to become energy self-sufficient.

Renewables mean real energy security. Real energy sovereignty. And real freedom from fossil-fuel volatility.

The third and final reason why there is no going back on renewables: Easy access.

You can’t build a coal plant in someone’s backyard. But you can deliver solar panels to the most remote village on earth. Solar and wind can be deployed faster, cheaper and more flexibly than fossil fuels ever could. And while nuclear will be part of the global energy mix, it can never fill the access gaps.

All of this is a game-changer for the hundreds of millions of people still living without electricity — most of them in Africa, a continent bursting with renewable potential. By 2040, Africa could generate 10 times more electricity than it needs — entirely from renewables. We are already seeing small-scale and off-grid renewable technologies lighting homes, and powering schools and businesses in remote areas.

And in places like Pakistan for example, people-power is fueling a solar surge — consumers are driving the clean energy boom.

The energy transition is unstoppable. But the transition is not yet fast enough or fair enough.

OECD countries and China account for 80 percent of renewable power capacity installed worldwide. Brazil and India make up nearly 10 percent. Africa — just 1.5 percent.

(Excerpts of United Nations Secretary-General Antonio Guterres’ remarks on Climate Action ‘A Moment of Opportunity: Supercharging the Clean Energy Age’ on 22 July 2025.)