Dirty fuels could be on their way out sooner than we think. As the cost of renewable technologies continues to drop, the United Nations secretary-general believes a society powered by sustainable energy is on the horizon.
As The Guardian reported, a recent analysis by the International Renewable Energy Agency found that over 90% of renewable energy projects are more cost-effective than their fossil fuel counterparts. In 2024, renewables helped avoid nearly $470 billion in dirty fuel costs, signifying their capacity to promote a cleaner, safer world and boost energy security.
Because clean energy projects are being deployed worldwide, costs are plummeting, helping drive further growth and adoption. China leads the world in solar power and generation, with more than 830 terawatt-hours of electricity produced in 2024, per Ember Energy. It also dominates the market for solar panel manufacturing and exports, supplying a large portion of the world's solar panels.
All this growth is spurring large investments in clean energy, with The Guardian reporting that investors contributed a staggering $2 trillion last year, representing a 70% increase over the last 10 years.
At the same time, energy demands are soaring in part because people are using more air conditioning as the climate warms and because of the tremendous growth of data centers to power artificial intelligence and cryptocurrency. António Guterres, the U.N. secretary-general, stressed the urgency for tech giants to switch to clean energy to power their operations by 2030.
Meanwhile, billions of dollars in subsidies are still given to fossil fuel giants, but Guterres is optimistic that society will wean itself off polluting fuels sooner rather than later as renewables become more cost-competitive. Along with being better for the economy, clean energy is a major win for the public, as it leads to improved health as well as job creation and investment opportunities for individuals and firms alike.
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According to the Department of Energy, the global market for renewable energies is expected to be worth around $23 trillion by 2030, which translates to "millions of well-paying, stable jobs, creating a reliable, lower-cost domestic supply chain, and supporting opportunities in communities across the country."
Fossil fuel stocks have been underperforming for at least a decade, according to the Institute for Energy Economics and Financial Analysis, and while green energy stocks are volatile because of interest rate fluctuations and changes in government policies, the long-term outlook for renewable energy remains positive.
"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," Guterres said at a recent conference.
Bill Hare, founder and CEO of Climate Analytics, a global climate science and policy institute, added, "Any investment in new fossil fuels now is a fool's gamble, while joining the race to renewables can only bring benefits — not just jobs and cheaper energy at stable prices, but energy independence and access where it's needed most."
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