Solar and wind power costs have been declining rapidly. During the decade to 2020, the cost of wind and solar power fell by 55% and 85%, respectively. The cost of batteries, increasingly used to store renewable electricity, also fell by 85% over the same time period.
Solar is leading the energy revolution. It has been the fastest-growing source of electricity generation for nineteen years running. Solar added more than twice as much new electricity as coal in 2023.
We have specialist teams working in Asia and Europe to galvanise action in the world''s biggest emitters, by using data and analysis to highlight the solutions and policy enablers.
In Europe we published a modelled pathway to a clean power system by 2035, and in Asia we have helped show the progress in renewables deployment in India, South East Asia and beyond.
A pumpjack operates in the foreground while wind turbines at the Buckeye Wind Energy wind farm work in the distance, Monday, Sept. 30, 2024, near Hays, Kan. (AP Photo/Charlie Riedel)
The world is set to make abundant energy by the second half of the decade as the production of batteries and solar panels surges — but there''ll also be an excess of planet-warming fossil fuels, a report released Wednesday by the International Energy Agency said.
"We''re now moving at speed into the Age of Electricity," IEA Executive Director Fatih Birol said in a press statement marking the release of the annual World Energy Outlook. Energy worldwide will "increasingly be based on clean sources of electricity," he said.
But the report also notes that the world is still way off what''s needed to cap warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above preindustrial times — the limit set in the Paris Agreement — because emissions would decline too slowly. It expects demand for oil and gas to peak later this decade and puts the world on pace to hit 2.4 degrees (4.3 Fahrenheit) of warming.
China in particular — the world''s current biggest emitter of greenhouse gases but also the main manufacturer of solar panels and batteries — is driving global energy trends, the report said.
The report indicates that China''s emissions of planet-warming gases may peak by 2025, but "given the changes underway in China we think that might be a bit pessimistic," said Bill Hare, CEO of Climate Analytics.
China already accounts for half the world''s electric cars on the road. By 2030, it''s projected that 70% of new car sales in China will be electric. With its massive additions of new wind and solar power, China is aligned with its target for addressing climate change.
The report outlines a future where EV adoption continues to gain momentum, potentially displacing up to 6 million barrels per day of oil demand by 2030. The agency said based on current trends and policies and the availability of materials, EVs will reach 50% of global car sales in 2030.
The clean energy expansion, however, is happening alongside a rise in demand for energy, including power produced by burning coal, according to the Paris-based agency. "This has meant that even as we saw record growth in clean energy installations and additions, emissions kept increasing," said Lauri Myllyvirta, lead analyst at the think tank Centre for Research on Energy and Clean Air.
Electricity demand is growing even faster than expected, "driven by light industrial consumption, electric mobility, cooling, and data centers and AI," the report said. The contours of switching heating, vehicles and some industry over to electricity, it said, are beginning to become clear.
Globally, the IEA said that the expansion of wind and solar power alongside the increasing adoption of EVs will ensure a peak in demand for coal, oil and gas within the decade, with carbon emissions also reaching their highest point and ramping downward.
The IEA projects that India will add nearly two million barrels per day of oil to its demand by 2035, potentially offering a lifeline to oil producers looking to offset declining growth in other regions.
Laveesh Bhandari, president of the New Delhi-based think tank Centre for Social and Economic Progress, said India''s booming economic growth means it will take the energy it can get.
"While demand for EVs will rise exponentially, the growth will not be able to cover all of the additional growth in demand for vehicles," Bhandari said. "So fossil fuel-powered vehicles use will increase for some time before leveling off and falling."
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 .
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