EU Solar Soars, China Tightens Green Rules & OPEC Sees Oil Rising

This week’s energy stories span major solar records, long-term oil outlooks, and critical policy shifts in China. Solar took the top spot in Europe’s power mix for the first time, while global solar generation hit its fastest growth rate in six years. Meanwhile, OPEC doubles down on fossil fuel forecasts, China brings its industrial giants into the renewables fold, and new data reveals just how reliant the U.S. remains on China for rare earth supplies.

🟨 Solar Surpasses All Other Sources in EU

For the first time in history, solar was the largest single source of electricity across the EU, generating a record 22% of the bloc’s power in June. The milestone came as heatwaves swept the region, boosting solar output and reducing reliance on fossil fuels during peak demand. This surge helped ease pressure on grids across countries like Spain, Germany, and Italy, where solar generation hit record levels.

 
 

🌍 Solar Generation Keeps Doubling Worldwide

Global solar electricity generation grew 29% in 2024, the fastest rate in six years, as installations accelerated across key markets. This continues a long-term trend—solar output has been doubling every three years, driven by plummeting costs and expanding deployment. From rooftop panels to utility-scale farms, solar is becoming a core energy source worldwide, especially in regions with high growth in electricity demand.

 
 

🛢️ OPEC Forecasts Rising Oil Demand Until 2050

OPEC’s latest World Oil Outlook projects oil demand will keep rising until 2050, reaching 123 million barrels/day. That’s up from 103.7m b/d in 2023—and well above most other forecasts, including ExxonMobil’s, which sees a plateau coming. The forecast underscores the split in industry expectations over future demand.

 
 

🏗️ China’s Heavy Industry Now Must Buy Green

China just expanded its Renewable Portfolio Standard (RPS), requiring heavy industries like steel, cement, and polysilicon to consume a minimum share of renewable electricity. Until now, only wholesale power buyers were covered. This change brings industrial energy giants into the clean power transition.

 
 

⛏️ Where the U.S. Gets Its Rare Earths

China supplied 70% of U.S. rare earth imports between 2020–2023, according to new trade data.
Malaysia, Japan, and Estonia round out the top four sources of these critical minerals used in EVs, phones, and defense tech. The chart highlights the U.S.’s continued reliance on China for rare earth elements.

 
 
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