The world’s transition to renewable energy has hit a decisive turning point, with solar and wind power now not only outpacing fossil fuels in deployment but also in cost-effectiveness, according to two new international reports.
A comprehensive report titled Seizing the Moment of Opportunity, compiled by multiple United Nations agencies and released Tuesday, reveals that 92.5% of all new electricity capacity added to the grid in 2024 came from renewable sources. Furthermore, wind, solar, and other green technologies accounted for 74% of global electricity generation growth last year.
In parallel, the International Renewable Energy Agency (IRENA) reported that the three most affordable electricity sources globally in 2024 were onshore wind, solar PV, and new hydropower. Solar energy is now 41% cheaper and wind power 53% cheaper than the lowest-cost fossil fuel options.
“The fossil fuel age is flailing and failing,” declared UN Secretary-General António Guterres at UN headquarters in New York. “We are in the dawn of a new energy era. An era where cheap, clean, abundant energy powers a world rich in economic opportunity.”
Investment trends further confirm this shift. In 2024, global investment in green energy reached $2 trillion, nearly $800 billion more than the investment in fossil fuels.
Despite this momentum, renewables still face structural disadvantages. The reports highlight that fossil fuels received $620 billion in government subsidies in 2023, almost nine times more than the $70 billion allocated to renewable energy.
Electric mobility is also surging. Global sales of electric vehicles jumped from 500,000 in 2015 to over 17 million in 2024, reinforcing the rapid adoption of clean technologies.
As Guterres noted, the message is clear: “Just follow the money.” The global energy landscape is shifting irreversibly, in favour of renewables.nd equity in Africa’s energy landscape, empowering future female leaders.