The Clean Energy Transition Is Already Underway

Three experts in the energy sector spoke about the progress and future of transitioning to clean energy at a panel, moderated by TIME senior correspondent Justin Worland, at the inaugural TIME100 Climate Leadership Forum in New York City on Monday night.

U.S. Secretary of Energy Jennifer M. Granholm said the energy transition in the U.S. is going “so well—so far!” Since the passage of the Bipartisan Infrastructure Law and the Inflation Reduction Act, Granholm said the country has seen an “incredible amount of investment” in the clean energy economy. She cited the latest U.S. Energy & Employment Jobs Report, which showed the clean energy sector contributing to hundreds of thousands of new jobs last year.

“It just makes me so happy,” Granholm said, adding that there’s a “huge transformation that is happening in this country.”

The energy transition is also going well from a global perspective, said Fatih Birol, executive director of the International Energy Agency (IEA). Worland himself referenced during Monday’s panel the IEA’s statistic from June that global spending on clean energy technologies and infrastructure is set to reach $2 trillion in 2024.

Birol said that many new power plants have been built all over the globe—many of which (for instance, 85% of those built in 2023) are renewable energy. He also applauded the Inflation Reduction Act, saying it not only helps tackle climate change but also creates jobs.

Ignacio Galán—executive chairman of Iberdrola, which is a sponsor of the Climate Leadership Forum—pointed to the work that the electricity company has done in the clean energy sector. According to Galán, Iberdrola invested close to $200 billion focused on clean energy and related technology in the last two decades. Iberdrola is the largest European electricity company and one of the largest in the world.

When Worland asked the panelists about what the future might hold for the energy transition, referencing the upcoming U.S. election, Birol said that he believes the energy transition—both in the U.S. and in the rest of the world—is “irreversible,” adding that “it is not driven by the politics.” He explained that clean energy is now a cheap source of electricity generation and that no political party would push investors toward more expensive alternatives. Birol also said that clean technology manufacturing is the “next chapter of the manufacturing industry.”

Granholm agreed, adding that it would be “political malpractice” if anyone tried to undo the benefits that are happening across the U.S. because of clean energy.

Galán said that the technology for clean energy already exists and that the energy industry is willing to invest in it. He emphasized the need for “stable, predictable, regulation and rule of law” to help with the energy transition.

The TIME100 Climate Leadership Forum was presented by American Family Insurance, Cisco, Dow Packaging & Specialty Plastics, Fortescue, Iberdola, L'Oréal Groupe, Siemens, and GSK.