Global solar power set to surpass nuclear, and more top energy stories
- This round-up brings you the key stories from the energy sector over recent weeks.
- Top energy news: Solar set to exceed nuclear for the first time; LFP batteries fuelling energy storage boom; IEA warning on copper demand.
- For more on the World Economic Forum’s work in the energy space, visit the Centre for Energy and Materials.
1. Solar generation to exceed nuclear
On an annual basis, the output from solar energy is behind that of wind, nuclear and hydropower systems because solar farms only generate power during daylight.
During peak production months, however, solar can exceed output from most other clean energy sources. It has already started to surpass global wind output during the northern hemisphere summer from last year, data from energy think tank Ember shows.
Now, if monthly solar generation continues to register around 30% more than the same month in 2024, global solar electricity output is on its way to eclipse nuclear production during June, July and August this year.
Solar generation will likely fall back from September with fewer hours of daylight in the northern hemisphere – highlighting the importance of balancing the intermittency of renewables with other sources of power.
2. LFP batteries fuelling energy storage boom
Falling lithium iron phosphate (LFP) battery costs are driving rapid growth in energy storage technology, which will be vital for stabilizing power systems as more wind and solar are added to grids.
LFP batteries have roughly halved in cost within the past two years while recording notable performance improvements, according to Reuters. This has led to a boom in energy storage projects that is outpacing electric vehicle (EV) sales growth in percentage terms.
EVs still dominate battery demand – but it’s forecast that energy storage will make up about a fifth of the market by 2030.
Because LFPs don’t use cobalt and nickel, the growth of the technology is “sending shockwaves” through the markets for those metals, Reuters says.
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3. News in brief: More energy stories from around the world
Demand for copper will fall 30% short of the amount needed by 2035 unless urgent action is taken, according to the International Energy Agency. The metal is a core component of all electrical energy systems.
How is the World Economic Forum facilitating the transition to clean energy?
The World Economic Forum’s Centre for Energy and Materials is driving the transition to a “fit for 2050” energy system. It is a cross-industry platform building new coalitions and delivering insights required for a sustainable, secure and just energy future.
Learn more about our impact:
- Clean energy in emerging economies: We are advancing country-specific renewable energy finance solutions for four of the biggest emerging and developing economies: India, Brazil, Nigeria and Indonesia. In the latter, a new solar and battery initiative is bringing 15MW of clean energy to the East Sumba region – enough to power 4,000 homes and avoid 5.5KtCO₂ yearly emissions.
- Energy Transition Index: We have measured the progress of 120 countries on the performance of their energy systems, enabling policymakers and businesses to identify the necessary actions for the energy transition.
- Mining and metals blockchain: We released a proof of concept to trace emissions across the value chain using blockchain technology, helping accelerate global action for country-specific financing solutions.
- Clean power and electrification: We are accelerating the adoption of clean power and electric solutions in the next decade to help increase clean energy consumption threefold by 2030.
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The European Union will need to spend at least €10 billion ($11.35 billion) more than it did last year to refill its gas stores ahead of winter, the Financial Times reports. This is necessary to meet the bloc’s mandate of refilling storage to 90% capacity each summer to avoid disruption in colder months.
South Africa has called for a balanced approach to energy transition that sees economic development and environmental protection work in tandem rather than in opposition. The country’s energy minister said there was an “imbalance in global climate responsibilities”, and that Africa contributes the least greenhouse gas emissions globally but faces disproportionate pressure to decarbonize.
4. More on energy from Forum Stories
The Iberian Peninsula power outage – Europe’s largest blackout in years – highlighted modern society’s reliance on electricity. What can the incident teach us about building a resilient energy grid?
Critical minerals are fundamental to technologies including EVs, wind turbines and solar panels, making them vital for the shift towards sustainable energy. A white paper from the World Economic Forum and McKinsey outlines the key steps required to manage demand, boost availability and shore up supply chains.
An e-fuel made from waste CO2 could help aviation cut its climate impact – learn more in this video:
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To learn more about the work of the Centre for Energy and Materials, contact Ella Yutong Lin: ellayutong.lin@weforum.org.
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