Is the Clean Energy Transition Truly Unstoppable?

United Nations, July 23 (NationPress) With $2 trillion invested in global clean energy in the previous year, the energy transition is indeed "unstoppable," stated UN Secretary-General Antonio Guterres. He emphasized that this amount exceeded fossil fuel investments by $800 billion and has increased by nearly 70 percent over the past decade.

Recent data from the International Renewable Energy Agency indicates that solar photovoltaic technology, which was once four times more expensive than fossil fuels, is now 41 percent cheaper, while offshore wind energy has become 53 percent less costly. Guterres made these remarks during a special address centered on climate action titled "A Moment of Opportunity: Supercharging the Clean Energy Age," coinciding with a new UN technical report that draws from global energy and finance organizations.

Guterres highlighted that over 90 percent of new renewable energy sources worldwide are generating electricity at a cost lower than the cheapest fossil fuel alternatives.

He remarked, "This is not merely a change in power. It represents a shift in possibility." Guterres pointed out that the carbon emissions averted through solar and wind energy globally are nearly equal to the annual output of the entire European Union. He emphasized that this transformation is fundamentally about energy security and people's security, as well as economics that fosters decent jobs, public health, and progress towards the Sustainable Development Goals.

The report illustrates the significant advancements made since the Paris Agreement initiated a clean energy revolution and underscores the extensive benefits and actions required to facilitate a just global transition.

Despite the energy transition being unstoppable, Guterres noted that the pace and fairness of this transition still lag behind. "In the meantime, the climate crisis is devastating lives and livelihoods," he cautioned.

He outlined six "opportunity areas" to accelerate the transition: ambitious national climate strategies, modernized grids and storage solutions, sustainably meeting growing demand, ensuring a just transition for workers and communities, enhancing the energy transition through trade and investment, and mobilizing finance for emerging markets, as reported by Xinhua news agency.

"This is our moment of opportunity," Guterres urged, calling for reforms in global finance, stronger multilateral development banks, and debt relief mechanisms, including debt-for-climate swaps.

He concluded, "The fossil fuel era is stumbling and failing. We are on the brink of a new energy age."