As we step into 2025, the race between two critical tipping points has never been clearer. On one side, the escalating effects of climate change, highlighted by 2024 likely being the hottest year on record. On the other, rapid advancements in clean energy and technology, offering solutions that are now more affordable and accessible than ever before.
Despite looming concerns about a global slowdown, the pace of clean technology adoption continues to accelerate. In 2024, we witnessed record-breaking progress in renewable energy, electric vehicles (EVs), and grid storage. This surge is not limited to wealthier nations but is transforming energy systems globally, including in China and the Global South. Let’s explore how these advancements shape the year ahead.
Falling Costs Power a Cleantech Revolution
The economics of clean energy have reached unprecedented levels of affordability. Solar module prices plummeted by 35% in 2024, dropping to less than $0.09 per watt. Similarly, EV battery prices fell below $100/kWh, with cathode costs down by 30–50%. This places EVs at cost-of-ownership parity with gasoline vehicles in the United States and at purchase price parity in China. Europe is expected to reach this milestone soon, with India following suit by 2027.
Crucially, these lower costs come with advancements in performance. Today’s batteries use less nickel and cobalt than a decade ago, making them more sustainable and affordable. Meanwhile, breakthroughs in energy density, safety, and longevity are on the horizon, creating a virtuous cycle of adoption and cost reduction.
Global Uptake Accelerates
Clean energy adoption is surging across the globe. In 2024 alone, renewable energy capacity saw a record 17% increase, with solar installations reaching 600 GW and grid storage capacity doubling to 170 GWh. Renewables now attract ten times more investment than fossil fuels, and solar power outpaces all other energy sources combined. In fact, renewables are expected to overtake coal as the world’s primary power source by the end of 2025.
What’s even more encouraging is the rapid expansion of renewables in the Global South, where the pace of adoption is twice as fast as in developed nations. Countries like Pakistan and Namibia have leveraged Chinese solar exports to nearly double their electricity capacity in just two years.
EVs are also breaking records, with 2024 seeing 16 million vehicles sold—a 25% increase from the previous year. China leads this charge, with more than half of its new cars sold being electric. Trucks and commercial vehicles are also transitioning at an accelerating rate.
Bullish Outlooks Amid Challenges
Leading organizations, including the International Energy Agency (IEA), are becoming increasingly optimistic about renewable energy growth and electrification. Their forecasts for fossil fuels and emissions continue to decline, reflecting a pivotal shift in global energy systems.
Key indicators suggest progress is on track to meet major targets, such as tripling renewable capacity by 2030 and increasing grid storage sixfold. Electrification efforts across vehicles, heating, and industry doubled in pace last year, underscoring momentum toward energy efficiency goals.
However, challenges remain. Efficiency gains, a key factor in reducing energy demand, slowed in 2024. Methane emissions, a potent driver of warming, are rising twice as fast as anticipated, despite increased attention and improved monitoring. Addressing these gaps will be essential to accelerating progress.
A Decisive Year Ahead
Halfway through this pivotal decade, 2025 stands as a critical juncture. While uncertainties remain, the progress achieved so far is undeniable.
In the United States alone, EV adoption has increased tenfold, battery storage capacity has multiplied by 100, and corporate climate commitments have surged from 32 in 2016 to nearly 5,000 globally. National net-zero targets now cover 90% of the world’s population, up from just 2% a decade ago.
The energy transition is no longer a question of possibility but of pace. For leaders and citizens worldwide, 2025 is the time to act decisively, leveraging momentum to achieve lasting change.
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