Power electronics technology has gained significant maturity after several decades of dynamic evolution of power semiconductor devices, converters, pulse width modulation (PWM) techniques, electrical machines, motor drives, advanced control, and simulation techniques. According to the estimate of the Electric Power Research Institute, roughly 70% of electrical energy in the USA now flows through power electronics, which will eventually grow to 100%. In the 21st century, we expect to see the tremendous impact of power electronics not only in global industrialization and general energy systems, but also in energy saving, renewable energy systems, and electric/hybrid vehicles. The resulting impact in mitigating climate change problems is expected to be enormous. This paper, in the beginning, will discuss the global energy scenario, climate change problems, and the methods of their mitigation. Then, it will discuss the impact of power electronics in energy saving, renewable energy systems, bulk energy storage, and electric/hybrid vehicles. Finally, it will review several example applications before coming to conclusion and future prognosis.