UN Reports Global Renewable Energy Hits Cost Tipping Point
The United Nations announced that the global transition to renewable energy has reached a “positive tipping point,” with solar and wind now significantly cheaper than fossil fuels—solar is 41% cheaper, and wind is 53% cheaper than the lowest-cost fossil fuel sources[1]. In 2024, renewables accounted for 92.5% of new electricity capacity worldwide, and electric vehicle sales soared to over 17 million units[1].
US Adds 7.4 GW of New Renewable Capacity in Q1 2025
The United States installed 7.4 GW of new renewable energy capacity in the first quarter of 2025, with the majority of projects located in Republican-voting states and utility-scale solar leading the growth[2]. The national renewable project pipeline grew 12% year-on-year, reaching 184.4 GW, and the storage pipeline expanded by 57% over the same period[2].
Utilities Accelerate Renewable Projects to Capture IRA Tax Credits
Following recent legislative changes, US utilities are speeding up renewable project development to qualify for Inflation Reduction Act tax credits within a new one-year safe harbor period[4]. Companies such as Xcel Energy and Ameren are advancing projects originally planned for 2030–31 into 2027–28, aiming to maintain momentum despite concerns over affordability and policy uncertainty[4].
UN Chief Calls for Grid and Storage Investment to Match Renewables Growth
UN Secretary-General António Guterres highlighted that while renewables are expanding rapidly, grid and storage investments lag behind, with only $0.60 spent on grids and storage for every $1 on renewable generation[5]. He called for urgent investment in modern, flexible grids and large-scale storage to fully unlock renewables’ potential and meet surging global electricity demand[5].
GE Vernova to Supply Wind Turbines for Spanish Renewable Expansion
GE Vernova signed an agreement to supply eight 6.1-MW wind turbines to Forestalia for a 49-MW