Solar crushed 2024, but emissions were up as industry used more natural gas

U.S. energy transition saw record $338B in investments in 2024, with 49GW solar capacity added, but carbon emissions rose 0.5% due to natural gas use.

: In 2024, the U.S. made unprecedented investments, totaling $338 billion, in energy transition, leading to the addition of 49 gigawatts of solar capacity. Despite this, carbon emissions saw a 0.5% increase, largely due to a 1.3% rise in natural gas demand. Predictions indicate a 15.8% rise in electricity usage by 2029, led by data center expansions. Major tech companies like Amazon and Microsoft are investing in both renewables and nuclear to meet growing power needs.

The U.S. energy transition reached a record $338 billion investment in 2024, with solar leading the charge by adding 49 gigawatts of capacity. However, overall carbon emissions increased by 0.5%, driven by a 1.3% rise in natural gas consumption from industrial users and power plants.

The country's electricity demand is predicted to grow by 15.8% by 2029 amid increasing economic output with less energy consumption, primarily due to data centers. Tech giants like Microsoft, Google, and Amazon have committed to expanding their renewable and nuclear energy portfolios, aiming to reduce their climate impact.

Amazon secured 476 megawatts, while Meta acquired a total of 795 megawatts in solar energy deals. These tech companies are also exploring efficiency-oriented consumption methods, which may introduce new power management solutions, while their global investment efforts are still dwarfed by China's larger capital outlay in the energy sector.