UN Reports Indicate Renewables Have Reached Cost T
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Posted On: 07/25/2025 4:51:19 PM
UN Reports Indicate Renewables Have Reached Cost Tipping Point Versus Fossil Fuel
Two United Nations reports indicate that renewables have reached the cost tipping point compared to fossil fuels. The reports describe a ‘positive tipping point’ characterized by a worldwide shift to renewable sources of energy like wind and solar.
Fossil fuels still fulfill a greater portion of the world’s energy demand, particularly in energy-intensive industries like manufacturing and transport. However, renewables are catching up at an incredibly rapid pace in both affordability and adoption.
In fact, the UN reports say, renewables such as wind and solar have reached a tipping point where they will become even more widespread and low cost. According to a recently published UN report, 92.5% of new electricity capacity generated in 2022 was from green sources, the majority of it coming from solar and wind. This transition from fossil fuels to renewables will be key to reducing global greenhouse gas emissions and mitigating runaway climate change.
One multi-agency paper titled Seizing the Moment of Opportunity noted that solar, wind, and other renewables were responsible for 74% of global electricity capacity growth in 2024. The report revealed that 92.5% of capacity gains made to the worldwide grid last year were also from renewables, an undeniable sign that green energy’s share of the global energy mix is steadily rising.
Furthermore, the report noted that electric vehicle sales surged from half a million in 2015 to over 17 million units last year, helping slow down emissions growth in the transport sector and contributing to localized reductions of greenhouse gas emissions in places like California.
In terms of cost, solar panels, hydropower, and onshore wind were the three most inexpensive sources of electricity worldwide, an energy cost report published by the International Renewable Energy Agency notes.
Wind and solar energy now cost 58% and 41% less than the cheapest fossil fuel respectively. In a speech made during the unveiling of the two reports, United Nations Secretary-General António Guterres said that the age of fossil fuel is “flailing and failing” and that the world is at the precipice of a new era of clean energy where abundant and affordable renewable energy will power an economically flourishing world.
However, UN officials say there is still a lot of room for growth. Although today’s renewable energy capacity is incredibly admirable compared to the global energy landscape a decade ago, the officials say the transition to green energy should be unfolding at a faster and more equitable pace.
Developed economies like China and the EU have the highest rates of renewable energy adoption, while Africa accounted for less than 2% of the renewable energy capacity deployed in 2024, largely due to high capital costs in the Global South, the reports say. The challenge now lies in accelerating access and investment globally to ensure that all regions benefit from the renewable revolution.
With other climate-friendly technologies like electric vehicles from companies like Mullen Automotive Inc. (NASDAQ: MULN) also gaining traction in major markets, the goal of taming climate change is becoming achievable.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
Two United Nations reports indicate that renewables have reached the cost tipping point compared to fossil fuels. The reports describe a ‘positive tipping point’ characterized by a worldwide shift to renewable sources of energy like wind and solar.
Fossil fuels still fulfill a greater portion of the world’s energy demand, particularly in energy-intensive industries like manufacturing and transport. However, renewables are catching up at an incredibly rapid pace in both affordability and adoption.
In fact, the UN reports say, renewables such as wind and solar have reached a tipping point where they will become even more widespread and low cost. According to a recently published UN report, 92.5% of new electricity capacity generated in 2022 was from green sources, the majority of it coming from solar and wind. This transition from fossil fuels to renewables will be key to reducing global greenhouse gas emissions and mitigating runaway climate change.
One multi-agency paper titled Seizing the Moment of Opportunity noted that solar, wind, and other renewables were responsible for 74% of global electricity capacity growth in 2024. The report revealed that 92.5% of capacity gains made to the worldwide grid last year were also from renewables, an undeniable sign that green energy’s share of the global energy mix is steadily rising.
Furthermore, the report noted that electric vehicle sales surged from half a million in 2015 to over 17 million units last year, helping slow down emissions growth in the transport sector and contributing to localized reductions of greenhouse gas emissions in places like California.
In terms of cost, solar panels, hydropower, and onshore wind were the three most inexpensive sources of electricity worldwide, an energy cost report published by the International Renewable Energy Agency notes.
Wind and solar energy now cost 58% and 41% less than the cheapest fossil fuel respectively. In a speech made during the unveiling of the two reports, United Nations Secretary-General António Guterres said that the age of fossil fuel is “flailing and failing” and that the world is at the precipice of a new era of clean energy where abundant and affordable renewable energy will power an economically flourishing world.
However, UN officials say there is still a lot of room for growth. Although today’s renewable energy capacity is incredibly admirable compared to the global energy landscape a decade ago, the officials say the transition to green energy should be unfolding at a faster and more equitable pace.
Developed economies like China and the EU have the highest rates of renewable energy adoption, while Africa accounted for less than 2% of the renewable energy capacity deployed in 2024, largely due to high capital costs in the Global South, the reports say. The challenge now lies in accelerating access and investment globally to ensure that all regions benefit from the renewable revolution.
With other climate-friendly technologies like electric vehicles from companies like Mullen Automotive Inc. (NASDAQ: MULN) also gaining traction in major markets, the goal of taming climate change is becoming achievable.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
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