Energy lies at the core of the climate challenge and represents the linchpin for its resolution.

A significant portion of the greenhouse gases enveloping the Earth and trapping heat from the sun stem from energy production, primarily through the combustion of fossil fuels for electricity and heat generation.

Fossil fuels—coal, oil, and natural gas—stand as the principal culprits behind global climate change, contributing over 75 percent of global greenhouse gas emissions and nearly 90 percent of all carbon dioxide emissions.

Scientific consensus unequivocally asserts that to avert the dire consequences of climate change, emissions must be halved by 2030 and reach net zero by 2050. Achieving this necessitates severing our reliance on fossil fuels and pivoting towards clean, accessible, affordable, sustainable, and reliable alternative energy sources.

Renewable energy, abundant and accessible, derives from the sun, wind, water, waste, and geothermal heat, replenished by nature and emitting minimal greenhouse gases or pollutants into the atmosphere.

While fossil fuels still dominate global energy production, accounting for over 80 percent, the trajectory is shifting. Currently, approximately 29 percent of electricity is sourced from renewables.

Accelerating the transition to clean energy is imperative for a healthy, habitable planet for present and future generations. Around 80 percent of the global populace resides in countries reliant on fossil fuel imports, exposing them to geopolitical upheavals and crises.

In contrast, renewable energy holds universal availability, yet its full potential remains untapped. The International Renewable Energy Agency estimates that by 2050, 90 percent of the world's electricity could—and should—be derived from renewable sources.

Renewable energy offers a pathway toward liberation from import dependency, enabling economic diversification and shielding against the unpredictable price fluctuations of fossil fuels. Furthermore, it fosters inclusive economic growth, generates new employment opportunities, and aids in poverty alleviation.

Remarkably, renewable energy stands as the most economical energy option in many regions globally. Prices of renewable energy technologies have plummeted significantly in recent years, with solar power costs declining by 85% between 2010 and 2020. Similarly, onshore and offshore wind costs have fallen by 56% and 48%, respectively.

The declining costs render renewable energy increasingly attractive across the board, especially for low- and middle-income countries, expected to drive much of the additional global electricity demand.

As costs continue to plummet, a significant proportion of new electricity supply could emanate from low-carbon energy sources in the ensuing years.

Projections suggest that by 2030, inexpensive electricity from renewable sources will constitute 65% of the world's total electricity supply. By 2050, it could facilitate the decarbonization of 90% of the power sector, significantly mitigating carbon emissions and combatting climate change.

The International Energy Agency notes that although solar and wind costs are anticipated to remain higher than pre-pandemic levels in 2022 and 2023 due to generalized increases in commodity and freight prices, their competitiveness has improved vis-à-vis significant spikes in natural gas and coal prices.

According to the World Health Organization (WHO), approximately 99 percent of the global populace breathes air exceeding air quality limits, imperiling their health. Moreover, over 13 million deaths annually worldwide stem from preventable environmental causes, including air pollution.

Fossil fuel combustion primarily contributes health-harming particulate matter and nitrogen dioxide. In 2018, air pollution from fossil fuels incurred $2.9 trillion in health and economic costs, averaging about $8 billion daily. Transitioning to cleaner energy sources like wind and solar not only aids in climate change mitigation but also addresses air pollution and associated health issues.