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energy’s new era

Renewables growth has surged globally, with solar energy as a massive contributor. But more needs to be done.

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Global renewable energy capacity is set to grow by 2.7 times by 2030, according to a new report.¹ With this growth, renewables are set to meet almost half of worldwide electricity demand, thanks in large part to solar energy. The report estimates that new solar capacity added by the end of this decade will account for 80 percent of the growth of global renewable power.

In the United States, solar generates six times more electricity than it did a decade ago,² with costs dropping by nearly 90 percent over the same period.³ In 2023, solar became the first renewable technology in 80 years to make up most additions to the United States grid.⁴

But a long journey lies ahead for the world to reach net zero. Despite the surge in renewables, projections still fall short of the goal to triple capacity in order to cut carbon emissions.⁵

Energy production remains responsible for 75 percent of global greenhouse gas emissions, mainly from the burning of fossil fuels.⁶ The consequences — escalating natural disasters, increased pollution, food shortages — are alarming. As the world contends with a warming planet, governments and business leaders are striving to replace fossil fuel-driven energy with cleaner alternatives.

Even with solar driving current growth, more needs to be done, not only to maintain momentum but to further progress. Continued government support, efforts to enhance energy efficiency and the capacity to deliver clean energy at scale will be crucial in delivering tangible results.

At a recent Washington Post Live event, Hanwha Qcells, a transformative energy solutions provider and a leader in the burgeoning solar sector, explained how its first-in-the-country innovations can usher the world even closer to net zero.

“We’re investing in solar because it’s the fastest growing, lowest cost source of energy today,” explained Danielle Merfeld, global chief technology officer at Hanwha Qcells. “Ultimately, we see solar as the key to building a sustainable future, and we want to build that future right here in America.”