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Global Clean Energy Surges Past 40%—While Trump Backs Fossil Fuels

Clean energy has hit a historic milestone, with renewables and nuclear power generating 40.9% of global electricity in 2024, according to a new report from energy think tank Ember. The rapid expansion of clean energy continues despite a policy shift in the U.S., where the Trump administration is doubling down on fossil fuels.

Key Facts

  • Renewable energy surged by 858 terawatt hours (TWh) in 2024, a 49% jump from the previous record of 577 TWh in 2022.
  • Solar power remains the fastest-growing electricity source for the 20th consecutive year, expanding by 29% year-on-year.
  • Despite its rapid rise, solar still accounts for just 6.9% of low-carbon electricity, while hydroelectric power leads at 14.3%, followed by nuclear (9%) and wind (8.1%).
  • Nuclear energy has hit its lowest share of clean energy in 45 years.

Quote Of Note

“Solar energy has become a driver of the global energy transition. In just three years, solar power generation has doubled, surpassing 2,000 TWh in 2024. While some countries are stepping back from their climate commitments, the economic advantages of renewables are creating unstoppable global momentum.” — Phil McDonald, Managing Director of Ember

China And India Lead As U.S. Stalls

While Washington pivots back toward fossil fuels, China and India are accelerating their clean energy transformation. China alone accounted for more than half of the world’s solar power growth in 2024, with renewables meeting 81% of its increasing electricity demand. Meanwhile, India’s solar capacity doubled in 2023, reinforcing the role of emerging economies in reshaping global energy markets.

“The future of the global energy system is being shaped in Asia,” says Professor Xunpeng Shi, president of the International Society for Energy Transition Research. “Their growing reliance on renewables marks a turning point that will accelerate the decline of fossil fuels worldwide.”

Market Forces Vs. Politics

Even as the Trump administration pushes fossil fuels, market forces continue to tip the scales in favor of renewables. The falling costs of solar and battery storage, combined with surging energy demand from AI, data centers, and electric vehicles, are reinforcing clean energy’s dominance.

“Despite geopolitical and economic challenges, the renewable energy industry added another 858 TWh last year—more than the combined electricity consumption of the UK and France,” says Bruce Douglas, CEO of the Global Renewables Alliance.

The Inevitable Shift

Federal policies in the U.S. may slow domestic renewable expansion, but the global trajectory is clear: clean energy growth is outpacing electricity demand, signaling the beginning of a permanent decline in fossil fuel reliance.

Ember’s latest report confirms a stark reality: clean technologies—not coal, oil, or gas—are driving global economic growth. As the world moves forward, the U.S. risks falling behind in the race to lead the clean energy economy.

The Transformative Potential Of AI: Could It Shape The Global Economy By 2035?

AI: A Game Changer for the Global Economy by 2035

Artificial Intelligence (AI) is poised to revolutionize the world economy. According to PwC Cyprus, AI could enhance the global gross domestic product (GDP) by as much as 15% by 2035. Cyprus’s AI Taskforce is already envisioning a future deeply integrated with these technologies.

Path to Economic Growth

PwC’s report, Value in Motion, suggests AI might contribute a 1% annual growth, mimicking the industrial revolution’s impact. However, this growth isn’t predestined. It hinges on technological success, responsible AI implementation, governance, and public trust.

Under scenarios of lower trust, projected growth might only reach 8%, or even drop to a mere 1%. Therefore, widespread collaboration is essential.

Industry Transformation and Climate Considerations

Industries are already realigning. PwC forecasts a shift of $7.1 trillion in revenues among companies by 2025, without even considering tariff impacts. For instance, the healthcare sector in Cyprus might benefit as cross-sector collaborations redefine market landscapes.

Climate change, however, poses a counterbalance. It could contract the global economy by nearly 7% in 2035. Yet, modest improvements in AI’s energy efficiency could negate this impact. A 1% boost in AI adoption need only spark a 0.1% drop in energy use to stay climate-neutral.

PwC’s Strategy for the Future

PwC plans to ride this AI wave through initiatives like launching agent OS, which streamlines AI agent workflows by up to tenfold. Training and expanding partnerships with tech giants such as AWS and Microsoft further bolster their AI endeavors.

Their Network AI Academy now trains over 291,000 individuals. By incorporating tools like ChatPwC and updating their Industry Edge portfolio, PwC is prepared for the AI-driven future.

As Mohamed Kande, PwC’s Global Chairman, states, “Transformative growth will come from tapping into evolving needs and reshaping business operations through technology.” PwC’s newest brand identity echoes this commitment, embodying progress through its redesigned logo and visual style.

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