To see what is in front of one’s nose requires a constant struggle.
George Orwell
01 Year in Focus
For the second time in half a decade, a fossil-fuel supply crisis has shocked the global economy. It is now obvious that energy security and the climate crisis are not separate problems. They are a single problem with a single solution, a rapid embrace of clean energy.
02 Power
Clean energy grew fast enough in 2025 to satisfy all new demand on the global power system. Solar power in particular is the breakout star of the transition, growing at 30 percent a year. The idea that developing countries might skip fossil fuels and ‘leapfrog’ to clean energy is increasingly plausible.
03 Transportation
Electric cars have seized a quarter of the world market and their share is growing. Fuel-burning cars peaked almost a decade ago and are now a declining technology. Having dragged their feet on the energy transition, Western carmakers are now losing market share to Chinese brands and fighting a rear-guard action to slow the transition.
04 Buildings & Industry
We are finally starting to see movement in the effort to clean up global industry. Huge heat pumps are proving that they can take on big jobs that used to require burning gas. Public policy in these sectors is still much too weak, and new laws will be required to spur cleaner buildings and factories.
05 People, Land & Food
Food prices are high, and we are at risk of a new global food crisis over the next year. The Iran war bottled up critical supplies of fertiliser during the spring planting season. The developing El Niño weather pattern, predicted to be one of the strongest on record, could hit some crops hard and worsen the situation.
06 Financing the Transition
Investment flowing into clean energy is double the investment flowing into fossil fuels. But at $2.2 trillion it is still not enough, and needs to hit $4.5 trillion by the early 2030s if global climate goals are to be met. Heat waves, fires and other climate impacts are contributing to a worsening global insurance crisis.
07 Looking Ahead
We are living through an age of disruption, with populist political parties offering false solutions to voters desperate for change. The greatest disruption of all may be the advent of artificial intelligence, which holds the potential to render many jobs obsolete. But it could also help us in the energy transition, finding efficiencies and solutions that have long eluded us.