Low-Carbon Power Set to Overtake Fossil Fuels for the First Time
Global electricity generation from low-carbon sources is on track to surpass fossil fuels for the first time, driven by record renewable energy deployment and declining costs for solar and wind technologies. Nearly three-quarters of global electricity growth now comes from renewables, with solar now 41% cheaper and offshore wind 53% cheaper than fossil fuel alternatives, according to recent UN and IRENA analyses.[1] [3]
U.S. Passes Law Scaling Back Renewable Energy Tax Credits
On July 4, 2025, President Donald Trump signed the “One Big, Beautiful Bill Act” into law, which scales back key renewable energy tax incentives. The final law sets a placed-in-service deadline of December 31, 2027 for solar and wind projects (unless construction begins by July 4, 2026), while other technologies such as battery storage retain full credit eligibility until the end of 2033, though with new restrictions on projects involving certain foreign entities.[4]
Long Duration Energy Storage Urged as Key to Renewable Grid Reliability
A new industry brief released during London Climate Action Week highlights the urgent need to scale up long duration energy storage (LDES) to complement renewables and manage supply variability. LDES is seen as essential for enabling high-renewable grids, reducing curtailment, displacing dispatchable fossil capacity, and achieving cost-optimal net zero targets.[7]
New York State Opens 2026 Voluntary Tier 1 REC Pre-Sale
The New York State Energy Research and Development Authority (NYSERDA) has announced the timeline and requirements for the 2026 Voluntary Tier 1 Renewable Energy Credit (REC) Pre-Sale, opening July 30, 2025. Eligible buyers, including utilities and large energy users, can lock in forward-priced renewables from in-state solar, wind, and hydro projects to meet sustainability goals and compliance needs.[6]
GE Vernova to Supply Wind Turbines for Spanish Onshore Project
GE Vernova has signed an agreement to provide eight 6.1-MW wind turbines to Forestalia for a 49-MW project in Aragón, Spain, supporting the country’s goal to install 62 GW of wind capacity by 2030. The project is part of Spain’s broader strategy to generate over 80% of its electricity from renewable sources by the end of the decade.[5]
Iraq Launches First Fully Solar-Powered Village
The Rwanga Foundation has completed the Kulak Solar Village, Iraq’s first fully off-grid, solar-powered community, integrating