The Largest Energy Transition in History Continues Unabated

Record-Breaking 700 GW of Solar and Wind Capacity Added

The year 2024 marked a turning point for the energy sector. A global addition of 700 GW in solar and wind capacity set an all-time record. Today, solar and wind have become the driving forces of the energy transition, growing five times faster than other electricity sources.

Solar and Wind Surpass Nuclear Power

According to data published by the World Nuclear Association, the International Energy Agency, and Ember, the solar capacity added in 2024 was recorded as one hundred times greater than that of nuclear power. New wind capacity reached twenty-five times that of nuclear. The rapid spread of solar and wind energy is largely attributed to their lower costs and shorter construction times.

While building a nuclear power plant can take years, solar and wind installations can be completed in a relatively short time. In particular, the rising costs of nuclear power plants in recent years have been a major factor driving the preference for renewable energy sources.

Accelerating Shift from Fossil Fuels to Renewables

Electricity generation from coal and natural gas has remained flat since 2021. Following a peak in 2023, production declined this year. At current growth rates, solar and wind are expected to overtake coal and natural gas by 2032.

Innovative Solutions to Intermittency

The intermittent nature of solar and wind energy is being addressed with advancements in storage technologies. Battery-based storage systems and pumped hydro storage plants are set to play a crucial role in the future. The expansion of renewable capacity is reducing the operating hours of coal and gas plants, accelerating the pace of early retirements for these facilities.

Leadership in the Energy Transition