Overview

• Renewable energy sources, primarily solar and wind, are set to reduce fossil fuels' market share by 2% this year, a trend expected to accelerate.
• Ember's report highlights a significant increase in renewable capacity, with a forecasted addition of 1,221 terawatt hours in 2024.
• China leads the global transition, installing half of the world's solar panels and 60% of its wind turbines last year.
• Economic factors like a 50% drop in solar panel prices and technological advances are driving the rapid expansion of renewables.
• The transition challenges traditional energy industries, with potential disruptions to natural gas markets and existing infrastructure.