Switched On Progress Amid Fragmentation: Energy Transition to 2030
Jan 8, 2026
Albert Cheung, Deputy CEO of BloombergNEF, discusses the complexities of the global energy transition. He contrasts the U.S., China, and Europe’s differing priorities, highlighting how geopolitical tensions shape energy strategies. Despite challenges, Cheung reveals record growth in renewables and declining storage costs, essential for the transition. He examines EV adoption and the expected peak in oil demand, while emphasizing the importance of policy in hard-to-abate sectors. Cheung paints a picture of a fragmented landscape where innovative technologies could drive progress.
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Fragmented Global Priorities Reshape Transition
- Major economies now prioritize different strategic goals, causing a fragmented, multi-speed energy transition.
- Competition for AI, energy security, and industrial policy reshapes climate ambition and policy alignment globally.
Renewables Keep Growing On Economics
- Renewable installations hit a record with solar and wind exceeding 800 GW last year and remain economically compelling.
- We expect 4.5 TW of new wind and solar over the next five years despite policy and geopolitical headwinds.
Storage Costs Hit A Tipping Point
- Energy storage costs have plunged to $117/kWh, under one-third of prices three years ago.
- Annual global storage installs should exceed 100 GW in 2026 and pass 200 GW this decade, enabling higher renewable penetration.