The global energy transition hit a major milestone in 2024. According to the latest report from the International Renewable Energy Agency (IRENA), the world added a record-breaking 582 gigawatts (GW) of new renewable energy capacity. This marks a 19.8% increase from 2023 and the highest annual addition on record since IRENA began reporting.

Clean Energy Breaks Records in 2024

Most of this growth came from solar photovoltaics (PV), which made up 452.1 GW or nearly 78% of the total new capacity. Wind energy followed with 114.3 GW, while hydropower, geothermal, bioenergy, and concentrated solar power (CSP) made up the rest.

• By the end of 2024, the world’s total renewable capacity reached 4,443 GW.

China led the world in new installations. It contributed 276.8 GW of new solar capacity and 79.4 GW of wind. That means China alone was responsible for more than 60% of global solar additions and nearly 70% of new wind installations. Other top contributors included India, the United States, Brazil, and Germany, which all made significant progress in expanding their clean energy capacity.

Even though these numbers are impressive, IRENA points out that global deployment must accelerate even faster to meet the “UAE Consensus” target agreed upon at COP28. That goal is to triple renewable capacity by 2030, reaching over 11,000 GW worldwide. With six years left, the world will need to more than double the rate of annual additions to stay on track.

Renewables Prove the Cheapest Power Option

One of the clearest messages in the IRENA report is that renewables are now the most affordable form of new electricity generation in most countries. In 2024, 91% of newly commissioned utility-scale renewable projects produced electricity at a lower cost than fossil fuel-based alternatives.

Here are the global average levelized cost of electricity (LCOE) figures from 2024:

• Onshore wind: $0.034 per kilowatt hour (kWh)
• Solar PV: $0.043/kWh
• Hydropower: $0.057/kWh
• Offshore wind: $0.082/kWh

Some markets saw even lower costs. For example, onshore wind in China came in at $0.029/kWh, and in Brazil, it was $0.030/kWh. Solar PV was also particularly cheap in China ($0.033/kWh) and India ($0.038/kWh).

While overall prices remained low, some renewable technologies experienced small cost increases in 2024:

• Solar PV: Up 0.6%
• Onshore wind: Up 3%
• Offshore wind: Up 4%
• Bioenergy: Up 13%

Other technologies saw cost declines:

• Concentrated Solar Power (CSP): Down 46%
• Geothermal: Down 16%
• Hydropower: Down 2%

Despite a few short-term fluctuations, the long-term trend is clear: renewables are getting cheaper and more competitive every year.

Battery Storage Supercharges the Grid

One of the most important enablers of the renewable boom is battery storage. These systems allow energy from variable sources like solar and wind to be stored and used when needed. This helps balance the grid and supports a stable electricity supply even when the sun isn’t shining or the wind isn’t blowing.

According to IRENA, the cost of utility-scale battery storage has dropped 93% over the past decade. In 2010, it cost $2,571 per kilowatt-hour (kWh). In 2024, it fell to just $192/kWh.

This dramatic price drop is the result of improved materials, larger manufacturing scale, and more efficient production processes. Batteries are also increasingly paired with solar and wind systems in hybrid projects. These setups include on-site generation, storage, and sometimes digital monitoring tools, allowing for smarter and more efficient energy use.

As battery prices continue to fall and deployment increases, these systems will play a critical role in grid flexibility and renewable integration.

Obstacles Still Stand in the Way

Despite the progress, the transition to renewable energy is not without challenges. IRENA points to several key barriers that could slow growth if not addressed:

1. Geopolitical Tensions and Trade Barriers
   • Rising tariffs on solar panels, wind turbines, and raw materials could disrupt global supply chains.
   • Dependence on a few countries for manufacturing, especially China, adds risk.
2. Financing Difficulties in Emerging Markets
   • Capital costs are higher in developing countries.
   • Limited access to affordable loans or public funding stalls projects.
3. Slow Permitting and Grid Constraints
   • Many countries face delays in approving renewable energy projects.
   • Existing power grids are not always ready to handle large amounts of new renewable electricity.
4. Policy Uncertainty
   • Inconsistent or unclear policies on renewable targets, tax incentives, or feed-in tariffs make it hard for investors to commit long-term.

IRENA stresses that urgent action is needed. Governments must streamline regulations, invest in grid upgrades, and expand financial support if they want to scale up clean power and meet their climate goals.

Fossil Fuel Costs Avoided: A Hidden Benefit

One powerful but often overlooked benefit of renewables is the economic value of avoided fossil fuel costs. In 2024, renewable energy helped the world avoid $467 billion in fossil fuel spending, according to IRENA estimates.

This means fewer oil and gas imports, lower exposure to global price spikes, and less economic instability. For many developing nations, the ability to generate power locally using the sun or wind is not just cheaper — it’s also more secure.

Avoiding fossil fuel use also reduces exposure to geopolitical risks, such as conflicts that disrupt fuel supply. That makes renewables not only a climate solution, but also a resilience strategy.

Looking Ahead: Accelerate or Fall Behind

The IRENA report makes it clear: renewable energy is no longer a niche technology. It is a mainstream energy source that’s expanding fast and cutting costs. Still, the pace must double to meet global targets.

The cost trends are encouraging. The technology is ready. Investment is rising. But challenges remain, and time is short.

If governments and industry leaders can work together to remove barriers, increase financing, and support innovation, renewable energy could power most of the world’s electricity by 2030. 

The post Solar Surge and Wind Wins: 2024’s Renewable Energy Boom Breaks All Record appeared first on Carbon Credits.

As the energy transition accelerates, global demand for REEs is set to surge, raising major concerns around supply chain stability and geopolitical risks.

Magnet REEs Demand Set to Triple as EVs and Wind Power Take Off

A McKinsey report reveals that global demand for magnetic rare earth elements is projected to triple—from 59 kilotons in 2022 to 176 kilotons by 2035. This sharp rise is driven by booming electric vehicle adoption and the rapid expansion of wind power projects.

Neodymium (Nd) and praseodymium (Pr) form the core of REE magnets, while dysprosium (Dy) and terbium (Tb) are added to enhance performance in extreme conditions. Although magnetic REEs make up only 30% of REE volume, they account for over 80% of market value.

The demand surge is outpacing efforts to substitute REEs with copper coil magnets. Without sufficient supply, the world could face a 60-kiloton shortage by 2035—roughly 30% of projected demand.

The energy transition will likely lead to a surge in demand for magnetic
rare earth elements, with market balance tied to mining quotas in China

China’s REE Dominance: A Double-Edged Sword

China currently controls over 60% of global REE mining and more than 80% of refining. This dominance in the REE supply chain poses a major challenge for other countries. Light REE mining and refining are expected to remain concentrated in China through 2035 unless other regions ramp up production significantly.

Heavy REEs, critical for wind turbines, EVs, and robotics, are mostly mined in the Asia-Pacific region but still primarily processed in China. As a result, countries worldwide are scrambling to develop local REE supply chains. But even with rising investments, most current pipelines are unlikely to meet near-term demand.

Trade Tensions Trigger Rare Earth Supply Shocks

In April 2025, Beijing imposed export restrictions on several rare earth products in response to U.S. tariffs and tech restrictions. This caused rare earth magnet exports to the U.S. to plummet, disrupting global supply chains and forcing automakers outside China to partially suspend production.

However, following new trade agreements in June, shipments rebounded sharply. Reuters reported that China’s exports of rare earth magnets to the U.S. jumped 660% month-over-month in June to 353 metric tons. Yet, global export levels remained 38% lower compared to the same month in 2024, showing the lingering effects of supply disruption.

America’s Untapped Rare Earth Potential Could Shift Global Dynamics

The U.S. Geological Survey (USGS) estimates that the United States has 3.6 million tons of measured and indicated rare earth resources. They are primarily in California, Alaska, Wyoming, and Texas. Canada boasts an even larger potential, with more than 14 million tons of identified REE resources, spread across Ontario, Quebec, and the Northwest Territories.

The only active rare earth mine in the U.S. is located at Mountain Pass, California, operated by MP Materials. In 2024, it produced approximately 45,000 tons of REO (rare earth oxide) concentrate, valued at $260 million. However, the ore is still mostly shipped to China for final processing, highlighting a critical gap in domestic refining capacity.

In southeastern U.S. states like Georgia and North Carolina, monazite—a phosphate mineral rich in rare earths—is being recovered as a byproduct from heavy mineral sands. Companies like Energy Fuels and Ucore Rare Metals are exploring new separation facilities and pilot-scale processing plants to close the refining gap and build end-to-end domestic REE supply chains.

Meanwhile, Canada has over 20 advanced rare earth projects in development, with several aiming to become commercial by the late 2020s. Notably, Vital Metals began small-scale production at its Nechalacho project in the Northwest Territories in 2021. Also Appia Rare Earths & Uranium Corp. is advancing its Alces Lake project in Saskatchewan.

Together, these efforts mark a strategic push by North America to reduce dependency on China. However, challenges remain, including long permitting timelines, environmental review hurdles, and the high cost of separating and refining REEs domestically.

World Mine Production and Reserves

• ALSO READ: Trump Fast-Tracks 10 Mineral Projects: Perpetua’s Stibnite Gold to Boost U.S. Antimony

Rare Earth Market Forecast: Strong Growth, High Volatility

According to Mordor Intelligence, the global rare earth metals market is expected to grow from 196.63 kilotons in 2025 to 260.36 kilotons by 2030, at a 5.8% CAGR. The magnet application segment will lead this growth with a forecasted CAGR of 8.02%, thanks to the rising demand for NdFeB magnets in EV motors and wind turbines.

Despite the promising outlook, market volatility is expected to persist through 2025. As manufacturers adapt, many are redesigning products to minimize REE use where possible, while governments are providing financial support. Since 2020, the U.S. Department of Defense has committed over $439 million to strengthen domestic REE supply chains.

Securing the Future: Time to Diversify the REE Supply Chain

The race is on to reduce global reliance on China for rare earths. Countries must invest in domestic mining, develop recycling infrastructure, and support technological innovation to ensure a steady, sustainable supply of REEs. Regulatory reforms and international collaboration will be key to overcoming bottlenecks.

Recycling Rare Earths

Given long mine development timelines and environmental concerns, recycling offers a fast-track solution to strengthen REE supply chains. By recovering REEs from used electronics, industrial equipment, and EV motors, countries can reduce import dependence and close supply gaps.

While large-scale recycling systems are still developing, they represent a sustainable and cost-effective way to boost local supply, especially for high-value magnets.

As the energy transition speeds up, rare earth elements are essential. In the future, ensuring resilient supply chains will be critical to advancing clean energy, digital technology, and national security.

• READ MORE: Apple to Invest $500 Million in MP Materials for U.S.-Made Recycled Rare Earth Magnets 

The post Rare Earth Demand to Triple by 2035: Can the U.S. Catch Up with China? appeared first on Carbon Credits.

The durable carbon dioxide removal (CDR) market experienced its strongest quarter ever in Q2 2025, per the CDR.fyi report. Companies bought 15.48 million tonnes of durable carbon removal credits. This almost doubles the total volume contracted in all past quarters combined.

This quarter’s figure exceeded the Q1 2025 total of 13.6 million tonnes and marked a major turning point for the market. Let’s discover the top buyers, suppliers, and what CDR methods are most in demand.

Microsoft the Megabuyer: One Tech Giant, Five Massive Deals

Microsoft dominated the quarter, contracting 14.6 million tonnes across five mega‑deals. These purchases accounted for 93.8% of Q2 volumes. The largest single deal was for 6.75 million tonnes from AtmosClear, followed by around 3.7 million tonnes from CO₂ Limited.

Other deals included contracts with:

• Stockholm Exergi,
• Exomad Green (1.24 million tonnes of biochar), and 
• Hafslund Celsio. 

Microsoft has bought nearly 25 million tonnes of durable CDR since late 2020. This accounts for about 79.5% of the total market volume, according to CDR.fyi.

• SEE MORE: Microsoft (MSFT Stock) and Vaulted Deep Team Up to Unlock Almost 5M Ton of Carbon Removal from Organic Waste

Rising Stars: Non-Microsoft Buyers Step Up Their Game

Even excluding Microsoft, Q2 remained strong. Other buyers, not including the tech giant, purchased about 902,000 tonnes. This makes it the second-highest quarter for non-Microsoft purchases, just behind Q4 2024, according to CDR.fyi CSO Futures.

JPMorgan Chase accounted for 450,000 tonnes of BECCS and 50,000 tonnes of DACCS, representing about 63% of the non-Microsoft volume.

Other buyers were Wihlborgs (a Swedish real estate firm), City-owned Helsingborgshem, Frontier Buyers marketplace, Capgemini, Mitsui O.S.K Lines, SAP, and Wild Assets.

New players like Capgemini and Mitsui expanded the buyer base. They made purchases in various technical removal types and improved weathering.

• RELATED: Microsoft’s Major Biochar Deal Aims to Offset 1.24M Tonnes CO2

Biochar Delivers, BECCS Leads: Tech Showdown in the Carbon Race

BECCS led technology choices in Q2, making up 86% of contracted volume. This included Microsoft and other buyers, according to CDR.fyi CSO Futures.

Biochar is a key player in biomass carbon removal solutions (BiCRS). It achieved strong delivery performance, making up 89.4% of the 116,800 tonnes delivered this quarter. Biomass direct storage and biomass geological sequestration added another 6.6% of deliveries.

BECCS is popular due to its high technology readiness levels (TRL 7–9), especially in Nordic countries where they have forest biomass feedstock. They also have strong energy markets and new CO₂ storage projects. For example, Norway’s Longship and Northern Lights facilities are part of this effort.

In terms of suppliers, biochar producers dominated the supplier leaderboard. Five of the top six suppliers are driving nearly 90% of contracted volume via large-scale BECCS or biochar projects.

Exomad Green held the top spot, delivering ~172,000 t and selling nearly 1.76 M t of biochar carbon removal (BCR) credits in total. Other leading firms included Aperam BioEnergia, Varaha, Wakefield Biochar, and Carboneers.

Together, they contribute significant delivery and contracted volumes via high-performing biochar methods. These recurring players show consistent performance and growing commercial traction in durable CDR.

Fewer Cheques, Bigger Bets: Why VC Funding Slowed While Deals Grew

While purchase volumes soared, investment funding cooled off. In Q2, just eight CDR companies raised $122 million, down from 24 companies and $137 million in Q1.

Direct air capture startups accounted for most fundraising. This slowdown reflects a maturing market where large corporate contracts play a bigger role than venture capital for project scaling.

The strong Q2 performance signals a turning point for durable CDR. It reflects both rapid growth in purchase activity and a narrowing gap between durable methods and nature-based removals.

A recent survey found that durable credits accounted for just 200,000 tonnes of retirements in 2024. In contrast, nature-based options reached 11 million tonnes.

Buyers want durable carbon dioxide removal volumes to equal or surpass nature-based credits by 2050. This will narrow the 6:1 ratio to parity by 2030.

Buyers want clear net-zero standards, solid business case validation, and lower costs to boost durable CDR demand. About 65% of companies surveyed said stronger net-zero frameworks, like those from SBTi, drive demand.

Many investors are cautious about unproven technologies and gaps in standards. However, the record Q2 shows that major buyers are eager to invest in removal methods. These methods align with their climate goals.

What Comes Next: Can Durable CDR Close the Gap with Nature-Based Offsets?

The global CDR market is now about $2 billion. Analysts expect it to grow to $50 billion by 2030. If favorable policies and buyer demand happen, it could surpass $250 billion by 2035. McKinsey and others estimate durable, engineered CDR could scale into a trillion-dollar sector by mid-century.

Yet, challenges still exist, including:

• Fragile market liquidity
• Different credit types that aren’t interchangeable
• Price uncertainty (durable carbon credits average about $180 per tonne, while nature-based credits average $35)
• Concerns about delivery risk and credit permanence

These issues affect the market’s stability. Survey data shows that buyers usually expect prices to be lower than what suppliers predict. This is especially true for non-biochar technical removals. Cost barriers are slowing down adoption.

Q2 2025 results marked a milestone: the durable carbon dioxide removal market grew faster than ever before. Microsoft’s anchor purchases and broader corporate engagement drove 15.5 million tonnes of contracted volume—more than doubling the market size in a single quarter. BECCS and biochar led in both scale and delivery.

Still, investment slowed, and adoption barriers persist. Companies cite the need for net-zero standards, cost declines, and clearer risk frameworks. But as large-scale contracts become more common, durable CDR is shifting from early promise to practical climate action.

• READ MORE: Google, Meta, and Others Invest $41M in Carbon Removal Credits

The post Microsoft (MSFT Stock) Tops Q2 2025 Record-Breaking Surge in Durable Carbon Removal Credit Purchases appeared first on Carbon Credits.

The race to launch robotaxis is speeding up. Tesla, Saudi Arabia, and Chinese firms like WeRide are hitting big milestones. As countries and companies invest in autonomous mobility, robotaxis are fast becoming a central feature in the global shift toward safer, more efficient, and lower-emission transportation.

This article looks at new advances in the robotaxi industry. It also highlights Tesla’s robotaxi reveal and it discusses what this means for the future of transportation.

Tesla Begins Robotaxi Operations in Austin

Tesla began offering rides in its robotaxi fleet in June as part of an invitation-only pilot program in Austin. The initial fleet included roughly 10–20 Model Y vehicles, operating within a geofenced area in South Austin. Safety monitors rode along, though they lacked vehicle controls. Early rides were priced around $4.20 each.

Tesla intends to expand robotaxi service to San Francisco and other cities later in 2025. Starting in 2026, Tesla owners could also earn income by adding their vehicles to the robotaxi network.

Elon Musk confirmed a full production robotaxi vehicle—dubbed “Cybercab”—will roll out in 2026 and could cost under $30,000.

This driverless electric vehicle (EV) will be built on Tesla’s new platform. It aims for full autonomy and low-cost production. Unlike Tesla’s current vehicles, the robotaxi will have no steering wheel or pedals, marking a bold leap into full self-driving (FSD) territory.

The EV giant has been developing its FSD software for years. While current Autopilot and FSD Beta versions still require human oversight, the design of the robotaxi allows it to operate independently.

The vehicle will probably be part of a ride-hailing service. This service will use Tesla’s AI and neural network tech. It will work like Uber or Lyft, but there won’t be any human drivers.

Tesla’s early success triggered market optimism. Despite a drop in Q2 automotive revenue, the company’s stock rose on investor confidence in autonomous mobility.

• RELATED: TSLA Stock Drops on Weak Q2 2025 Earnings: Tesla Faces Carbon Credit, Margin, and Political Risks

WeRide Advances Driverless Tech in China and the Middle East

While Tesla gears up for its launch, Chinese autonomous driving pioneer WeRide is also making headlines. The company recently announced the launch of its fully driverless robotaxi service in Saudi Arabia, a first for the region.

The service is launching in NEOM. This is a futuristic megacity supported by the Saudi government. It is part of the kingdom’s Vision 20230 economic plan.

WeRide’s robotaxi service in Saudi Arabia uses electric vehicles. These cars have advanced sensors and AI systems. They can drive themselves in most situations, thanks to Level 4 autonomy—meaning the car can operate without a human driver in most conditions. This milestone is a big win for the Middle East. It shows that autonomous mobility is moving beyond classic areas like California and Shanghai.

The company also introduced a cost-cutting HPC platform. This platform makes robotaxi hardware more efficient and affordable. This innovation could cut deployment costs by up to 50%, says WeRide’s projections. This will help speed up commercialization in various markets.

In China, WeRide is expanding its driverless testing. They are focusing on Guangzhou and Shenzhen. Their fleet of electric robotaxis runs 24/7 in geofenced areas. The company’s dual focus on global expansion and hardware optimization positions it as a formidable player in the robotaxi space.

• SEE MORE: Robotaxis Are Here: Top 3 Companies That Are Driving the Future of Ride-Hailing

Saudi Arabia: A New Frontier for Robotaxis

Saudi Arabia‘s deal with WeRide is a big step for self-driving cars in new markets. NEOM’s robotaxi service launch is part of a bigger goal. It aims to create smart cities that use clean energy and advanced technology.

Saudi authorities created a good environment for autonomous vehicles. They provide testing zones, support public-private partnerships, and enhance infrastructure. These policies aim to reduce traffic, lower emissions, and improve access to transportation.

The NEOM project envisions a car-free urban core, where shared electric vehicles—many of them autonomous—move people between hubs. Robotaxis are key to this vision. Companies like WeRide and others are racing for early-mover advantage in a new billion-dollar market.

Saudi Arabia’s efforts mirror a growing global trend: emerging economies are not just watching the AV revolution—they’re shaping it.

WeRide also launched Southeast Asia’s first fully driverless shuttle bus service at Resorts World Sentosa in Singapore. It operates without any safety operator onboard.

The Robobus travels a set 1.2 km loop. It is equipped with advanced multi-sensor systems, including LiDAR and cameras that provide 360-degree perception and can detect obstacles up to 200 meters away.

This driverless shuttle service is a big step for Singapore’s autonomous mobility plans. It also improves last-mile connectivity in RWS.

Robotaxis and the Climate Clock: Why Autonomy Fuels Net-Zero Goals

The robotaxi movement is more than a tech trend—it’s part of the broader transition to cleaner, more efficient urban transport. Traditional internal combustion engine (ICE) vehicles add a lot to city emissions. Urban transport makes up about 20% of global CO₂ emissions. Robotaxis, especially when electric, offer a cleaner alternative.

Analysts predict the global robotaxi market will grow from about $0.4 billion in 2023 to $45–46 billion by 2030. This means a compound annual growth rate of 73% to 92%.

McKinsey estimates that autonomous ride-hailing services may hit $1.2 trillion in global market value by 2030. Their modeling using Los Angeles shows that robotaxis could result in this shift in urabn mobility:

Key drivers include falling hardware costs, improved AI, and stronger government support. In the U.S., China, and the EU, funding for smart mobility is growing, often tied to climate policy and energy transition goals.

Robotaxis could also improve road safety. According to the World Health Organization, over 90% of road accidents are caused by human error. Autonomous vehicles, if widely adopted, could significantly reduce fatalities and injuries. This is especially true in densely populated areas.

What’s Next for Tesla and the Robotaxi Market?

Tesla’s launch marks a crucial test—not only for the company, but for the robotaxi sector as a whole. Success could cement Tesla’s role as both an EV and autonomous tech leader. But challenges remain.

• READ MORE: Tesla’s U.S. Robotaxi Launch: A New Catalyst for TSLA Stock Growth?

For one, regulatory approval is still a hurdle. In the U.S., states such as California and Arizona allow robotaxi testing to happen. However, full approval for driverless services everywhere is still years away. Tesla must also prove its vision-based FSD approach can meet or exceed safety expectations without LiDAR.

Meanwhile, rivals like WeRide, Waymo, Cruise, and Baidu are building out services with more conventional tech stacks that combine cameras, radar, and LiDAR. These systems are generally seen as safer in the short term, but potentially more expensive and less scalable.

In the short term, Tesla may launch its robotaxi first as a supervised service or in select geofenced zones. Over time, if software reliability and safety validation improve, broader rollout could follow.

Tesla’s robotaxi success may push other car makers to speed up their AV programs. It could also boost partnerships between tech firms and cities seeking low-emission transport options.

Robotaxis are no longer science fiction. Across the globe—from California to Saudi Arabia to China—driverless EVs are hitting the roads. Tesla’s launch and WeRide’s operational breakthroughs signal a major acceleration in the autonomous mobility race.

If robotaxis succeed at scale, they could reshape how cities move, how emissions are cut, and how transportation is accessed by millions.

• FURTHER READING: Pony.ai (PONY Stock) Goes 24/7 with Robotaxis – But Can It Drive a Net-Zero Future?

The post Robotaxi Showdown: Tesla, WeRide and Saudi Arabia Shift Gears in the Self-Driving Race appeared first on Carbon Credits.