The Renewable Energy Shift is Impacting More Than Electricity

Renewable energy is fundamentally reshaping global economics, with clean energy sectors accounting for 10% of worldwide GDP growth in 2023. China’s renewable sector drove nearly one-fifth of the country’s 5.2% economic expansion while the European Union saw roughly a third of its growth fueled by clean energy.

The United States deployed $338 billion in renewable financing during 2025, supporting installation of 50 gigawatts of new capacity in 2024 including a record 49 gigawatts of solar power that pushed renewables to 24% of total electricity generation.

Employment data contradicts claims that clean energy eliminates jobs. U.S. Department of Energy figures show renewable positions outnumber fossil fuel jobs three-to-one domestically, with turbine technicians and solar installers representing two of America’s fastest-growing professions at projected expansion rates of 50% and 42% respectively through 2034.

Unlike fossil fuel extraction tied to fixed geographic deposits, renewable projects deploy across rural, suburban, and urban areas, distributing employment opportunities more broadly across regions and communities.

Worldwide renewable financing reached $2.1 trillion in 2024, surpassing fossil fuel investment of just over $1 trillion for the first time. China led with $818 billion in energy transition spending, followed by the European Union’s $375 billion and America’s $338 billion. China installed more solar capacity than the rest of the world combined over the past year, with President Xi Jinping announcing in September 2025 that the country would cut greenhouse gas emissions 7-10% from peak levels by 2035.

Morocco and India are emerging as transition leaders among developing economies, with Morocco’s renewable projects representing approximately 40% of installed capacity in 2023 while targeting 52% by 2030. India experiences among the fastest renewable electricity growth rates of major economies as it rapidly expands solar and wind capacity.

The European Union accelerated its targets responding to climate pressures and energy independence needs, completely banning Russian coal imports while slashing oil imports from 27% in 2022 to 3% in 2025 and gas imports from 45% in 2021 to 19% in 2024.

U.S. political support remains fractured despite bipartisan history. A federal judge ruled in June that the Trump administration overstepped constitutional authority by freezing congressional appropriations for EV charging infrastructure, releasing previously blocked funds. Yet the Department of Energy’s 2025 budget slashed solar funding from $318 million to roughly $42 million and wind funding from $137 million to $30 million.

Eighteen Republican representatives defended energy tax credits in a letter supporting what they termed “an all-of-the-above approach,” even as the administration moved to defund renewable programs.

State and local governments are setting independent targets regardless. California mandated 100% clean energy by 2045, while Texas leads the nation in wind power despite its oil industry reputation, demonstrating that the transition reflects economic advantages compelling enough to override federal policy reversals and partisan resistance.

As the uptake of renewable energy ramps up around the world, companies like PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FRA: 103) are set to have an even larger market to serve as they expand their operations into newer markets outside their original regions of focus.

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