Every year the International Energy Agency (IEA) releases its flagship World Energy Outlook (WEO), outlining the biggest trends in energy demand and supply, and what they mean for energy security, emissions and economic development. This year’s WEO shows that record growth in renewable energy is keeping the window to stay below 1.5°C open, but it will close quickly if governments don’t put clear fossil fuel transition plans in place now. 

This means ambitious Nationally Determined Contributions (NDCs)—due ahead of COP30—are absolutely critical. And, coming just ahead of COP29, this WEO shows how Global South countries still face a massive funding gap to enable a fast and fair fossil fuel phase-out, reinforcing the need for a strong new global climate finance target to be agreed in Baku. Increased private finance will also need to play a critical role in the transition. 

Even though solar power is currently outpacing all other electricity-generating options and improving exponentially in terms of its efficiency, too many decisions by governments and investors continue to entrench fossil fuels, holding back the transition. These decisions come at great risk of creating stranded assets. The WEO makes clear that we should have no new oil and gas fields or infrastructure. It also shows that, because of cleantech and improvements in efficiency, there will be a decline in fossil fuel demand before 2030 under all scenarios.  

Our sun’s solar flares have recently precipitated extraordinary sightings of the Northern Lights in parts of the world where they have never been seen before, giving rise to wonder and awe. We’re looking forward to the brilliant and kaleidoscopic developments solar power will help us achieve in the coming years. Sustainable development the world over depends on renewables and we can’t wait.