The Renewable Transition
The global shift from fossil fuels to renewables — progress, obstacles, and the geopolitics of clean energy.
The Transition Is Underway
The shift from fossil fuels to renewable energy is the most significant transformation of the global energy system since the move from coal to oil. Solar photovoltaic costs have fallen by over 90% since 2010. Wind power costs have dropped by about 70%. In many parts of the world, new solar and wind are now cheaper than new fossil fuel plants.
Global renewable electricity capacity additions reached record levels in 2023, with solar alone accounting for three-quarters of new capacity. China installs more solar panels than the rest of the world combined and leads in electric vehicle production. The EU has legislated that renewables must reach 42.5% of energy consumption by 2030.
However, fossil fuels still provide about 80% of global primary energy — a share that has barely changed in decades, even as renewable capacity has surged. This is because global energy demand keeps growing, and renewables are largely adding to total supply rather than replacing fossil fuels. The transition is happening, but not fast enough to meet climate targets.