In a groundbreaking report released by the climate think tank Ember, it has been revealed that eco-friendly energy sources, which do not rely on fossil fuels, accounted for an unprecedented 40.9% of global electricity production in 2024. This marks the first time since the 1940s that the share of clean energy has surpassed 40%, a significant milestone in the ongoing transition to sustainable energy.
The report, dubbed the '2025 Global Electricity Review,' highlights the contributions of various energy sources, including hydropower, nuclear power, wind, and solar energy. Among these, hydropower remains the largest contributor, making up 14% of total energy production, followed by nuclear power at 9%, and wind power at approximately 8%. Notably, solar power, which currently accounts for about 7%, has demonstrated the fastest growth rate, with its production increasing fivefold every three years since 2012.
Phil MacDonald, an Ember representative, stated, "Solar power has become the engine of the global energy transition." The report noted that in 2024 alone, solar energy generation surged by 474 terawatt-hours (TWh), making it the largest contributor to new global electricity demand.
However, this positive trend is overshadowed by a simultaneous increase in overall electricity consumption, which rose by 4% last year compared to 2023. This uptick is largely attributed to heightened demand for electricity due to warmer weather and increased use of air conditioning as global temperatures rise. Consequently, fossil fuel-based power generation also saw a 1.4% increase, leading to record-high greenhouse gas emissions.
The findings come at a time when the global energy landscape is rapidly evolving. In the United States, the solar and energy storage sectors are experiencing a boom, providing opportunities for companies like Hanwha Q CELLS. This South Korean firm has maintained its position as the leading supplier of residential and commercial solar modules in the U.S. market since 2020. Hanwha Q CELLS is not just focused on module production; it has also ventured into energy services, installing solar panels and energy storage systems (ESS) in homes while managing these facilities on behalf of customers.
Kim Tae-hong, Chief Product Officer of Hanwha Solutions ES, emphasized the potential for competitive pricing in energy services, stating, "If Hanwha provides direct energy services, we can offer consumers more competitive prices." This strategy is particularly relevant as energy prices continue to rise globally.
Market research firm Lomeon pointed out that the tariff landscape is significantly impacting the Battery Energy Storage System (BESS) sector, which could benefit companies like LG Energy Solution and SK On. These firms are poised to capitalize on the increasing demand for ESS batteries in the U.S., especially given the current trade tariffs on Chinese imports. LG Energy Solution has already begun producing lithium iron phosphate (LFP) batteries at its plant in Holland, Michigan, with an annual capacity of 17 GWh.
Despite these advancements, South Korea's energy production landscape presents a stark contrast to global trends. According to data from the Korea Export-Import Bank, the share of renewable energy, including solar power, in South Korea's electricity production was only 6.9% as of February 2025. When combined with nuclear power, the total share of clean energy rises to 39.4%. However, this figure remains significantly lower than the global average.
Furthermore, the proportion of solar power in South Korea has stagnated at around 5% over the past three years, with new installations dropping by 15% from the previous year, totaling between 2.5 to 3.0 GW. This decline is concerning, especially given that solar generation peaked at 5.5 GW in 2020.
While coal power generation has decreased by 28% since its peak in 2017, the reduction has largely been offset by an increase in gas power generation, which rose from 136 TWh to 178 TWh during the same period. This shift has led to South Korea being labeled a 'climate villain' on the international stage, particularly after receiving the 'Fossil of the Day' award at the COP29 conference in Baku for two consecutive years.
Kang Jeong-hwa, a senior researcher at the Korea Export-Import Bank, highlighted that while the costs of solar project construction are decreasing, high regulatory costs continue to hinder growth. He noted, "The unit costs of solar projects are falling every year, but we need to address the administrative costs related to permits and public complaints to lower solar energy costs further."
Kim Joo-jin, representative of Climate Solutions, echoed this sentiment, urging for improvements in electricity grid policies that currently favor thermal power generation. He argued for the minimization of solar setback regulations, which he believes are set without scientific justification and hinder the growth of solar energy.
As the world grapples with the urgent need for a sustainable energy transition, the contrasting trajectories of global and South Korean energy production underscore the challenges and opportunities that lie ahead. While the global share of clean energy rises, the continued reliance on fossil fuels in certain regions highlights the complexities of achieving a truly sustainable energy future.
