UN says booming solar, wind and other green energy hits global tipping point for ever lower costs
Last year, 74% of the growth in electricity generated worldwide was from wind, solar and other green sources, according to the U.N.'s multiagency report, called Seizing the Moment of Opportunity. It found that 92.5% of all new electricity capacity added to the grid worldwide in that time period came from renewables. Meanwhile, sales of electric vehicles are up from 500,000 in 2015 to more than 17 million in 2024.
The three cheapest electricity sources globally last year were onshore wind, solar panels and new hydropower, according to an energy cost report by the International Renewable Energy Agency (IRENA). Solar power now is 41% cheaper and wind power is 53% cheaper globally than the lowest-cost fossil fuel, the reports said. Fossil fuels, which are the chief cause of climate change, include coal, oil and natural gas.
'The fossil fuel age is flailing and failing,' United Nations Secretary-General Antonio Guterres said in Tuesday morning speech unveiling the reports. 'We are in the dawn of a new energy era. An era where cheap, clean, abundant energy powers a world rich in economic opportunity.'
'Just follow the money,' Guterres said, quoting the reports that showed last year there was $2 trillion in investment in green energy, which is about $800 billion more than in fossil fuels.
UN officials say switch to renewables needs to speed up
Still, United Nations officials said the switch to renewable energy, while remarkable compared to 10 years ago, is not happening fast enough.
The global renewables growth has been mostly in developed countries such as China — where one-tenth of the economy is tied up in green energy — as well as countries such as India and Brazil.
Yet Africa represented less than 2% of the new green energy capacity installed last year despite having great electrification needs, the reports said. United Nations officials blamed the high cost of capital for the Global South.
'The Global South must be empowered to generate its own electricity without adding to already unsustainable level of debts,' said Bahamian climate scientist Adelle Thomas of the Natural Resources Defense Council. Thomas, who did not work on the reports, added that they debunk the myth that clean energy cannot compete with fossil fuels, instead showing a clean energy future is not just possible but likely inevitable.
The U.N. reports are 'right on the money,' said University of Michigan environment dean Jonathan Overpeck, who also wasn't part of the studies. He said the economic tipping point leads to a cycle that keeps driving renewable costs down and makes fossil fuel power less and less desirable.
Renewables grow despite high subsidies for fossil fuels
And renewables are booming despite fossil fuels getting nearly nine times the government consumption subsidies as they do, Guterres and the reports said. In 2023, global fossil fuel subsidies amounted to $620 billion, compared to $70 billion for renewables, the U.N. report said.
But just as renewables are booming, fossil fuel production globally is still increasing, instead of going down in response. United Nations officials said that's because power demand is increasing overall, spurred by developing countries, artificial intelligence data centers and the need for cooling in an ever warmer world.
'A typical AI data center eats up as much electricity as 100,000 homes,' Guterres said. 'By 2030 data centers could consume as much electricity as all of Japan does today.'
So Guterres called on the world's major tech firms to power data centers completely with renewables by 2030.
Solar and wind power face US cuts to renewable energy programs
In the United States, solar and wind power had been growing at a rate of 12.3% per year from 2018 to 2023, the IRENA report said. But since President Donald Trump took office earlier this year, his administration has withdrawn the nation from the landmark Paris climate accord and cut many federal renewable energy programs, with a renewed emphasis on fossil fuels.
Guterres warned nations hanging on to fossil fuels that they were heading down a dangerous path that would make them poorer not richer, without naming the United States specifically.
'Countries that cling to fossil fuels are not protecting their economies, they sabotaging them. Driving up costs. Undermining competitiveness. Locking in stranded assets,' Guterres said.
Renewables are the smart way to go for energy security, Guterres said. With renewables, he said, 'there are no price spikes for sunlight. No embargoes on wind.'
___
The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
2 hours ago
- The Hill
Trump announces trade deal with Japan that lowers threatened tariff to 15%
WASHINGTON (AP) — President Donald Trump announced a trade framework with Japan on Tuesday, placing a 15% tax on goods imported from that nation. 'This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,' Trump posted on Truth Social, adding that the United States 'will continue to always have a great relationship with the Country of Japan.' The president said Japan would invest 'at my direction' $550 billion into the U.S. and would 'open' its economy to American autos and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1. With the announcement, Trump is seeking to tout his ability as a dealmaker — even as his tariffs, when initially announced in early April led to a market panic and fears of slower growth that for the moment appear to have subsided. Key details remained unclear from his post, such as whether Japanese-built autos would face a higher 25% tariff that Trump imposed on the sector. But the framework fits a growing pattern for Trump, who is eager to portray the tariffs as win for the U.S. His administration says the revenues will help reduce the budget deficit and more factories will relocate to America to avoid the import taxes and cause trade imbalances to disappear. But the wave of tariffs continues to be a source of uncertainty about whether it could lead to higher prices for consumers and businesses if companies simply pass along the costs. The problem was seen sharply Tuesday after General Motors reported a 35% drop in its net income during the second quarter as it warned that tariffs would hit its business in the months ahead, causing its stock to tumble. As the Aug. 1 deadline for the tariff rates in his letters to world leaders is approaching, Trump also announced a trade framework with the Philippines that would impose a tariff of 19% on its goods, while American-made products would face no import taxes. The president also reaffirmed his 19% tariffs on Indonesia. The U.S. ran a $69.4 billion trade imbalance on goods with Japan last year, according to the Census Bureau. America had a trade imbalance of $17.9 billion with Indonesia and an imbalance of $4.9 billion with the Philippines. Both nations are less affluent than the U.S. and an imbalance means America imports more from those countries than it exports to them. The president is set to impose the broad tariffs listed in his recent letters to other world leaders on Aug. 1, raising questions of whether there will be any breakthrough in talks with the European Union. At a Tuesday dinner, Trump said the EU would be in Washington on Wednesday for trade talks. 'We have Europe coming in tomorrow, the next day,' Trump told guests. The president earlier this month sent a letter threatening the 27 member states in the EU with 30% taxes on their goods to be imposed starting on Aug. 1. The Trump administration has a separate negotiating period with China that is currently set to run through Aug. 12 as goods from that nation are taxed at an additional 30% baseline. Treasury Secretary Scott Bessent said he would be in the Swedish capital of Stockholm next Monday and Tuesday to meet with his Chinese counterparts. Bessent said his goal is to shift the American economy away from consumption and to enable more consumer spending in the manufacturing-heavy Chinese economy. 'President Trump is remaking the U.S. into a manufacturing economy,' Bessent said on the Fox Business Network show 'Mornings with Maria.' 'If we could do that together, we do more manufacturing, they do more consumption. That would be a home run for the global economy.'
San Francisco Chronicle
2 hours ago
- San Francisco Chronicle
Trump announces trade deal with Japan that lowers threatened tariff to 15%
WASHINGTON (AP) — President Donald Trump announced a trade framework with Japan on Tuesday, placing a 15% tax on goods imported from that nation. 'This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,' Trump posted on Truth Social, adding that the United States 'will continue to always have a great relationship with the Country of Japan.' The president said Japan would invest 'at my direction' $550 billion into the U.S. and would 'open' its economy to American autos and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1. With the announcement, Trump is seeking to tout his ability as a dealmaker — even as his tariffs when initially announced in early April led to a market panic and fears of slower growth that for the moment appear to have subsided. Key details remained unclear from his post, such as whether Japanese-built autos would face a higher 25% tariff that Trump imposed on the sector. But the framework fits a growing pattern for Trump, who is eager to portray the tariffs as win for the U.S. His administration says the revenues will help reduce the budget deficit and more factories will relocate to America to avoid the import taxes and cause trade imbalances to disappear. But the wave of tariffs continues to be a source of uncertainty about whether it could lead to higher prices for consumers and businesses if companies simply pass along the costs. The problem was seen sharply Tuesday after General Motors reported a 35% drop in its net income during the second quarter as it warned that tariffs would hit its business in the months ahead, causing its stock to tumble. As the Aug. 1 deadline for the tariff rates in his letters to world leaders is approaching, Trump also announced a trade framework with the Philippines that would impose a tariff of 19% on its goods while American-made products would face no import taxes. The president also reaffirmed his 19% tariffs on Indonesia. The U.S. ran a $69.4 billion trade imbalance on goods with Japan last year, according to the Census Bureau. America had a trade imbalance of $17.9 billion with Indonesia and an imbalance of $4.9 billion with the Philippines. Both nations are less affluent than the U.S. and an imbalance means America imports more from those countries than it exports to them. The president is set to impose the broad tariffs listed in his recent letters to other world leaders on Aug. 1, raising questions of whether there will be any breakthrough in talks with the European Union. At a Tuesday dinner, Trump said the EU would be in Washington on Wednesday for trade talks. The Trump administration has a separate negotiating period with China that is currently set to run through Aug. 12 as goods from that nation are taxed at an additional 30% baseline. Treasury Secretary Scott Bessent said he would be in the Swedish capital of Stockholm next Monday and Tuesday to meet with his Chinese counterparts. Bessent said his goal is to shift the American economy away from consumption and to enable more consumer spending in the manufacturing-heavy Chinese economy. 'President Trump is remaking the U.S. into a manufacturing economy,' Bessent said on the Fox Business Network show 'Mornings with Maria.' 'If we could do that together, we do more manufacturing, they do more consumption. That would be a home run for the global economy.'
Business Insider
3 hours ago
- Business Insider
U.S. officials visit Mali as junta eyes economic and security ties
Junta-led Mali is courting U.S. investment and backing in its fight against Islamist insurgents, as it works to strengthen a regional bloc of military-led governments in West Africa. Mali's junta government is seeking U.S. support in combating Islamist insurgents and fostering economic cooperation. U.S. officials, including Deputy Assistant Secretary William Stevens, met with Malian Foreign Minister Abdoulaye Diop in Bamako to discuss these matters. Mali aims to strengthen ties within a regional bloc of military-led governments, which face diminished U.S. security partnerships. Junta-led Mali is courting U.S. investment and backing in its fight against Islamist insurgents, as it works to strengthen a regional bloc of military-led governments in West Africa. On Monday, U.S. officials met with Malian Foreign Minister Abdoulaye Diop in Bamako. The delegation was led by William Stevens, the U.S. Deputy Assistant Secretary of State for West Africa, Bloomberg reported. 'We discussed the fight against armed terrorist groups supported by foreign state sponsors,' Diop said. Other topics discussed included the potential for deeper economic cooperation, particularly through increased American private investment in Mali, as well as opportunities made possible by what officials described as improvements in the country's business climate. The meeting, at least the second between U.S. and Malian officials this month, shows Washington's attempt to re-engage in a region where its security presence has significantly diminished. Last year, the U.S. withdrew troops from Chad after being asked to vacate a military base, and also shut down a drone facility in neighbouring Niger. Alliance shift Mali, Chad, and Niger form part of a corridor of military-led governments stretching from Guinea on the Atlantic coast to Sudan on the Red Sea. As U.S. security partnerships in these countries have unravelled, many have pivoted toward alternative alliances, most notably with Russia. On the security front, Russian mercenary forces have become key backers of Mali's transitional government, led by Colonel Assimi Goïta, following the exit of French and U.N. troops who had supported counter-insurgency operations in the country for more than a decade. Russia's growing influence also extends to the economic sphere. Earlier this month, construction began on a new Russian-backed gold refinery near Bamako's international airport. Spanning five hectares, the facility will be capable of processing up to 200 metric tons of gold annually, which is four times Mali's current capacity of approximately 50 tons.
