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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.

Cyprus Government Fortifies Economic Resilience Amid Global Uncertainty

Government Commitment to Stability and Growth

Cyprus continues to build a strong and resilient economic foundation to support business planning and investment, as emphasized by Deputy Minister to the President Irene Piki. Representing President Nikos Christodoulides at the 12th Keve Business Leader Awards, Piki underscored that in today’s volatile global landscape, a consistent and reliable economy remains the cornerstone for long‐term strategic planning and confidence-building among businesses.

Strengthening Competitive Edge and Attracting Investment

Piki lauded the role of the Cyprus Chamber of Commerce and Industry (Keve) for its dedication to promoting Cyprus as an attractive investment destination and for supporting the expansion of local businesses. Reflecting on President Christodoulides’s recent address at Keve’s annual general assembly, she outlined the government’s vision for a more competitive Cyprus, which includes expanding market access, improving financing channels, and implementing a streamlined, business-friendly regulatory framework—all pivotal as Cyprus prepares for its EU Council presidency.

Economic Indicators Reflecting Confidence

Despite global uncertainties, Piki highlighted that the Cypriot economy continues to demonstrate resilience: gross domestic product grew by 3.4% in 2024, and forecasts indicate nearly 4% growth in 2025. With inflation remaining among the lowest in the European Union and unemployment dropping below 5%, these indicators affirm steady economic progress. Furthermore, positive ratings from international credit agencies, which have placed Cyprus in the A category with upbeat outlooks, underscore the success of prudent economic policies.

Fiscal Discipline and Strategic Investments

The government’s upcoming 2026 budget, which reinforces fiscal stability with a surplus balance and targets a decline in public debt to 50.9% of GDP, opens the door for strategic policy interventions. Piki noted that investments in energy, digital infrastructure, technology, and green growth are key priorities. Enhanced by the nearing completion of Recovery and Resilience Plan projects, Cyprus is now setting the stage for the next seven-year EU funding framework, ensuring a robust platform for sustained growth with active collaboration from the business community.

Regulatory Reforms and Market Liberalization

Central to the government’s agenda is the imminent tax reform, expected to be finalized on December 22 and implemented on January 1, 2026. This reform is designed to bolster business liquidity and attract new investments. The establishment of the National Enterprise Development Organisation further complements these efforts by offering financing tools and advisory services for small and medium-sized enterprises. Complementing these initiatives, the Cyprus Equity Fund is actively investing in innovative companies, while the Ministry of Energy grant schemes are projected to mobilize €360 million by 2027 to boost competitiveness.

Accelerating Digital Transformation and Energy Reforms

In its pursuit of a modernized business environment, the government is set to introduce a Business Service Centre in central Nicosia in 2025, consolidating licensing procedures to significantly reduce bureaucratic delays. In tandem, the impending launch of a competitive electricity market in October 2025 will empower companies to select their energy suppliers, fostering market competition and fair pricing.

Nurturing Human Capital

Recognizing the importance of talent in driving economic progress, the government is intensifying efforts to attract skilled professionals back to Cyprus. The Minds in Cyprus initiative, a collaboration with Keve and Invest Cyprus, seeks to reverse the talent drain by engaging Cypriots abroad through a series of events scheduled in the United States, United Kingdom, and Greece during 2026.

Commitment to Sustainable Growth

Concluding her address, Deputy Minister Piki congratulated the award recipients for their innovation and resilience, asserting that their achievements are a testament to the dynamism of the Cypriot business community. The government remains steadfast in its commitment to implementing reforms that support a stable, competitive, and sustainable economic future for Cyprus.

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