23 June 2021
In 2020, 62% of total renewable power generation added globally was cheaper than the cheapest fossil alternative, finds a new report from the International Renewable Energy Agency (IRENA).
The ‘Renewable Power Generation Costs in 2020’ report explores how new renewables shifted in terms of costs, with a clear advantage for new-build technologies and an increasing advantage in terms of comparisons to already-operational fossil fuels like coal and gas, in power grids.
Between 2000 and 2020, renewables grew from 754 gigawatts (GW) to 2,799GW. Between 2019 and 2020, a record 261GW of renewables were added, with the deepest cost fall coming from concentrating solar power (CSP), of 16%. The drop 2019 to 2020 was 13%, 9% and 7% for onshore wind, offshore wind and solar PV respectively.
Falling costs of renewables could lower cost of developing hydrogen, Irena says
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Solar increasingly beating even cheapest fossil fuels on price, IRENA study finds
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The climate crisis is all around us.
There is more carbon dioxide in our atmosphere right now than at any previous point in human history. Global temperatures are warming as a result, the effects of which are both alarming and widespread.
Indonesia, for instance, recently announced plans to search for a new capital city with almost half of Jakarta sitting below sea level. Oceans globally have been rising at the fastest rate in 3,000 years as polar ice caps continue to melt, causing the already overcrowded city to sink roughly 25 centimetres every year.
At the same time, average wildlife populations around the world have dropped 60 percent in little over 40 years, owing to deforestation and fundamental habitat changes to ecosystems such as unpredictable weather patterns. The 2010s were the hottest decade on record, evidenced by 2019 which saw 99 tropical storms and 6.7 million people being displaced from their homes because of the rise in the number of natural disasters.