Saturday, August 9, 2025

Moment of Opportunity: Supercharging the Clean Energy Age

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The energy we use has shaped human history—from mastering fire to harnessing steam and nuclear power. Today, we face a new era: the clean energy age. This moment of opportunity can transform the way we power our world. Last year marked a turning point. Almost all new electricity capacity came from renewable sources like solar and wind. Investments in clean energy reached $2 trillion, outpacing fossil fuels by $800 billion. Notably, solar and wind now stand as the cheapest power sources worldwide.

Despite this progress, fossil fuels still receive more subsidies than clean energy. Countries holding onto fossil fuels are not protecting their economies. Instead, they risk losing competitiveness and missing out on the greatest economic opportunity of the century. Clean energy offers more than just environmental benefits. It enhances energy sovereignty and security. Unlike fossil fuels, renewables avoid price shocks and supply disruptions. For example, the recent conflict in Ukraine showed how vulnerable fossil fuel markets can be. However, sunlight and wind are free and abundant for nearly every nation.

Moreover, clean energy fuels development. It can provide affordable and sustainable electricity to millions without power, especially through off-grid solar technologies. These factors make the clean energy age unstoppable.

Still, the transition must accelerate and become fairer. Many developing countries lag behind. Fossil fuels dominate energy systems, and emissions continue to rise dangerously. To change this, action must focus on six key areas. First, governments must fully commit to clean energy futures. Countries will soon submit new climate plans, known as Nationally Determined Contributions. These plans must align with a 1.5-degree Celsius limit and include clear clean energy targets. G20 nations, responsible for 80% of emissions, must lead the way.

Second, modern energy systems require upgrades. Grids and storage are essential for renewables, but currently receive just 60 cents for every dollar invested in renewable power. This ratio needs to improve to one-to-one. Third, governments and major companies must meet rising energy demand with renewables. Data centers alone could soon consume as much electricity as Japan. Businesses should commit to powering these facilities sustainably.

Fourth, the energy transition must include justice. Communities dependent on fossil fuels need support to adapt. Mineral supply chains must become ethical and environmentally sound, especially for developing countries. Fifth, global trade should accelerate the clean energy shift. Countries must diversify supply chains, cut tariffs on green goods, and modernize treaties to encourage investment in renewables.

Finally, financing must reach developing nations. Africa, with 60% of the world’s best solar resources, received only 2% of renewable investments last year. International cooperation must prevent debt crises and increase lending capacity. Investors and rating agencies should modernize risk assessments to favor clean energy projects. This moment of opportunity to supercharge the clean energy age calls for bold action. If we seize it, the future holds cheap, clean, and abundant energy for all. Economic growth, energy security, and sustainability can become reality worldwide.

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