In 2024 global production of wind and solar energy reached record levels—levels that would have seemed unthinkable not long before. Over the past 15 years, wind and solar have grown from virtually zero to 15 percent of the world’s electricity generation, and solar panel prices have fallen by as much as 90 percent. Such developments represent a notable advance in what is called the energy transition—the shift from the current hydrocarbon-dominated energy mix to a low-carbon one dominated by renewable sources.