Seizing the Moment of Opportunity

In the ten years since the Paris Agreement was adopted, renewable energy technologies have undergone a remarkable transformation. With spectacular cost declines and manufacturing capacity growth, the global deployment of solar, wind, and electric vehicles (EVs) has exceeded even the most optimistic projections and continues to advance exponentially. The world is poised for a breakthrough in the rapid and widespread transition from energy systems dominated by fossil fuels to those dominated by homegrown, low-cost renewables. However, seizing this moment of opportunity is not a given as significant political and economic barriers and obstacles remain. This special report provides a high-level synthesis of the state of play of — and the economic imperative and opportunity for — accelerating the transition away from fossil fuels to clean energy, with a particular focus on the roles of renewables, electrification, and energy efficiency.