Switched On Five Energy Transition Lessons for 2025
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Jan 22, 2025 Albert Cheung, Deputy CEO of BloombergNEF, dives into the mixed results of clean energy in 2024, revealing record EV sales and clean power gains yet highlighting critical shortfalls in achieving net zero by 2050. He discusses five key lessons for the energy transition, addressing the challenges of insufficient investment while emphasizing the resilience of clean energy initiatives. Cheung also spotlights the urgent need for improved policies and collaboration in emerging sectors like hydrogen and offshore wind to foster a sustainable future.
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Clean Energy Progress vs. Net-Zero Goals
- Clean energy deployment saw record growth in EVs, clean power installations, and energy storage in 2024.
- Despite this progress, global energy transition investment remains below net-zero targets.
Transitioning to Harder Challenges
- The energy transition is entering a more challenging phase as easy opportunities are exhausted.
- Further progress requires addressing complex issues like grid flexibility, emerging market development, and EV infrastructure.
Misinterpreting EV Slowdown Data
- The 2024 EU EV sales slowdown was misinterpreted, overlooking the impact of expiring subsidies and stable emissions targets.
- Automakers rationally deferred EV sales, complying with existing policy, awaiting stricter 2025 targets.