Two reports from BloombergNEF show that 14% of this power came from wind and solar, and almost 91% of global power capacity additions came from those sources, versus 6% from fossil fuels.
This momentum is set to continue, with renewable energy attracting $313bn of new investment in the first half of 2024. This is a similar amount to the same period in 2023.
“We have seen a step-change in renewable energy compared to a few years before,” said Sofia Maia, a lead author of the BloombergNEF research. “There's now no question this is the largest source of new power generation, wherever you go.”
The World Economic Forum's Fostering Effective Energy Transition 2024 report notes that while there has been a marked increase in the adoption of clean energy sources, there is still work to be done.
A lack of consistent and balanced progress highlights that many countries are facing energy transition challenges, it says –and public-private collaboration to create innovative solutions, mobilize investment, and reform policy is needed.
Britain will make a vital step towards decarbonizing its electricity supply when its final coal-fired power plant closes at the end of September.
As recently as 1990, coal supplied 80% of the country's electricity – but last year it was just 1%. About a third of Britain's electricity now comes from gas, another third from wind and solar, with bioenergy and nuclear making up the rest.
With the closure of the plant, located in Nottinghamshire, the country is set to be the first G7 nation to stop using coal for electricity generation.
The new Labour government wants to make Britain a “clean energy superpower” by 2030, by ramping up wind and solar capacity and investing in carbon capture and storage. Renewables are projected to make up 83% of Britain's electricity generation by 2050, the Financial Times reports.
The government recently announced it had approved 131 new renewable energy projects in its latest auction round – with a significant increase in offshore wind.
Artificial intelligence that reduces costs through improved logistics and resource allocation could hit oil prices over the next decade, according to Goldman Sachs.
Benchmark prices for crude oil have fallen sharply in the past week, Reuters reports, amid concerns about a weaker global economy and oil demand.
Permits for coal-fired power plants in China have dropped by more than 80%, according to a new report.
Jobs in the US clean energy sector grew at more than double the rate of the country's overall jobs last year, the US Energy Department has reported.
Australia's electricity authority has said the country's power grid will continue to be reliable as it shifts from coal to renewable sources, but only if investment in new generation from sources including wind and solar is delivered on time.
