According to a new report by the International Renewable Energy Agency (IRENA), almost two-thirds of wind and solar projects built around the world in 2020 will be able to generate cheaper electricity than even the world’s cheapest new coal plants. 

What is Happening?

You might also like: Citizens Take the Polish Government to Court over Climate Inaction

Francesco La Camera, Irena’s director general, said the agency’s latest research proved the world was “far beyond the tipping point of coal”. He said: “Today renewables are the cheapest source of power. Renewables present countries tied to coal with an economically attractive phase-out agenda that ensures they meet growing energy demand, while saving costs, adding jobs, boosting growth and meeting climate ambition.”

The report says, “The trend confirms that low-cost renewables are not only the backbone of the electricity system, but that they will also enable electrification in end uses like transport, buildings and industry and unlock competitive indirect electrification with renewable hydrogen.”

Featured image by: Flickr