Global Energy Transition: The Irreversible Tide of Our Time.

In 2024, the global energy landscape experienced significant shifts across electric vehicles (EVs), renewable energy, and energy storage, underscoring the accelerating transition towards sustainable energy systems.

Energy transition has become a global consensus: while the process is fraught with challenges, the prospects are bright.

Electric Vehicles: Global sales continue to rise

The global electric vehicle (EV) market surged to new heights in 2024, marking a 25% year-over-year growth and culminating in 17.1 million EVs sold worldwide. December alone saw record-breaking sales of 1.9 million units, a 26% increase compared to the same month in 2023.

The Chinese market stood out prominently, with EV sales hitting 11 million units, comprising half of the country’s total car sales. In contrast, growth in the European market stabilised, while the North American EV market grew by 9%, recording 190,000 units sold in December.

Despite these achievements, challenges persist. 2025 is poised to be another transformative year for the EV / Automotive industry. Europe’s new emissions regulations and the continuation of China’s trade-in scheme will be critical drivers. However, potential changes in U.S. EV policy under the Trump administration could introduce uncertainty .

Renewable Energy: Unprecedented Expansion

In 2024, global newly added renewable energy installed capacity reached 585 gigawatts (GW), accounting for over 90% of new power capacity and setting a new all-time high.

Solar and wind energy were the main drivers, with new additions of  451.9 GW and 113.2 GW respectively. China, the United States, and the European Union account for 489 GW (or 83.6%) of all new renewable capacity installed in 2024, while India and Southeast Asian nations also showed strong growth momentum.

Source: IRENA

Despite record renewable additions in 2024, current growth rates indicate the world is not on track to triple installed renewable power capacity to 11 TW by 2030. The world still needs to accelerate efforts to achieve the goal.

Energy Storage: Rapid Scaling to Support Renewables

Globally, the energy storage revolution continues to accelerate. In 2024, the world added 188.5 gigawatt-hours (GWh) of new grid-scale storage capacity–an 80% increase from previous years. China, North America and Europe collectively accounted for over 85% of installations, maintaining their status as the sector's traditional powerhouses, while emerging markets begin making inroads.

Source: EESA

Despite rapid global growth, the energy storage sector faces significant challenges. China's battery overcapacity has led to intense price competition, squeezing manufacturers' margins. In the US, rising import tariffs on Chinese batteries are increasing project costs and prompting developers to reassess their financial models. Moreover, reliance on critical minerals like lithium and cobalt—often sourced from geopolitically sensitive regions—poses risks to supply chain security.

Energy Transition: Momentum Amidst Challenges

The advancements in EVs, renewables, and energy storage in 2024 signify a strong global commitment to energy transition. However, challenges persist, including regional disparities, policy uncertainties, and infrastructure constraints. Addressing these issues through international cooperation and sustained investment is essential to ensure an equitable and efficient transition to a low-carbon energy future.

Energy Unveiled: Delving into the Frontiers of Transition

As a veteran in the renewable energy industry, I have witnessed solar PV evolve from subsidy-dependent infancy to grid parity, observed onshore wind's tentative first steps before its offshore expansion surge, and tracked energy storage's metamorphosis from laboratory concept to the next gold rush.

I will serve as both a "compass" and "microscope" for the renewable energy sector, and deliver real-time insights into the latest sector developments—from policy shifts and technological breakthroughs to supply-chain dynamics and market competition.Through clear, jargon-free analysis, we will demystify complex regulations, highlight emerging trends, and flag systemic risks.

The future is now–and the only constant is disruption. Click to follow and join Energy Boom Club to unlock the “energy storage code” of the energy Transition era together.