Recent United Nations (UN) analyses find that the world’s shift to clean energy has reached critical momentum. In a multi-agency report titled Seizing the Moment of Opportunity, UN officials note that “almost all the new power capacity built came from renewables.”
In fact, about 92.5% of all new electricity capacity added worldwide in 2024 came from renewable sources (mostly wind and solar). United Nations Secretary-General Antonio Guterres called this a “positive tipping point,” as solar and wind are now becoming cheaper and more widespread—even without subsidies.
Onshore wind, solar PV, and new hydro were the three cheapest power sources globally in 2024, and solar is now roughly 41% cheaper than the lowest-cost fossil fuel option (with wind 53% cheaper). Hundreds of billions of dollars have flowed into clean energy, and about USD 2 trillion was invested in green energy last year (roughly USD 800 billion more than in fossil fuels), while electric vehicle sales surged from 0.5 million in 2015 to over 17 million in 2024. As one expert observes, we are “in the dawn of a new energy era,” where the economics keep pushing costs down for renewables and upward for fossil power.
Solar photovoltaic panels are proliferating worldwide. This explosion of solar and wind projects drove 74% of global electricity growth in 2024. Economists say a virtuous cycle now exists because, as more projects are built, manufacturers scale up and drive prices even lower.
For example, a University of Michigan climate scientist says the economic “tipping point” means renewable costs will keep falling, making fossil fuel plants less competitive. Nevertheless, UN officials warn that the transition must accelerate to meet climate goals. Even though renewables now account for about one-third of global electricity (up sharply from a decade ago), the pace of growth must pick up to replace existing coal, oil, and gas plants.
However, this clean energy revolution is uneven. Growth is heavily concentrated in a few countries, such as China (where renewable energy is now about one-tenth of the economy), plus India, Brazil, and others. By contrast, many low-income regions are hardly benefiting yet.
Africa, for example, saw less than 2% of the new renewable capacity in 2024, despite huge electrification needs. Experts blame this on the high cost of capital and limited infrastructure in the Global South.
Without cheap financing or international support, many developing countries simply cannot afford to build large solar or wind farms. As one United Nations-linked climate scientist put it, the Global South must be empowered to add clean power “without adding to already unsustainable levels of debt.”
Meanwhile, entrenched fossil fuel systems pose big obstacles. Governments worldwide still subsidise coal, oil, and gas far more than renewables. In 2023, fossil fuel consumption subsidies totalled about USD 620 billion globally, nearly nine times the roughly USD 70 billion given to clean energy. These subsidies give an edge to coal, oil, and gas plants even as renewables get cheaper. Moreover, global oil and gas production is still rising, not falling, as demand from developing economies, big data centres, and cooling needs has kept fossil output growing.
UN officials warn that unless production is curbed, the climate impacts of rising demand (and investment in new oil/gas infrastructure) will undercut the benefits of the renewables surge. In short, while solar and wind are now winning on costs and growth, the fossil fuel age is not ending overnight.
In summary, the UN reports paint an optimistic yet cautious picture. Renewables have indeed hit critical mass, as they now dominate capacity additions and are the cheapest power option. This shift drives economic growth (renewables generate nearly one-third of global electricity and contribute to GDP gains) and could empower millions of workers in new energy jobs.
But significant gaps remain, because without more investment in grids and storage, and without phasing out fossil subsidies, the clean energy revolution could stall. Policymakers are urged to seize this “moment of opportunity” by accelerating financing for developing countries, strengthening renewable-friendly regulations, and redirecting subsidies into green projects.
If these steps are taken, the United Nations says the “new energy era” can deliver cheaper, cleaner power for all. If not, many nations, especially the poorest, will be left behind as the world moves on toward a low-carbon future.