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Renewable power generation is now competitive with, and in many situations less costly than, fossil-based and nuclear power, said the International Renewable Energy Agency (IRENA). These findings came from its brief for COP24, the 24th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC).
The brief, titled Renewable Power: Climate-safe energy competes on cost alone, underlined the drastic reduction in costs of solar, wind, and other renewable power-generation sources since becoming viable commercial options in 2008.
The findings include:
IRENA expects further cost reductions to continue through 2020 and beyond.
With these developments, IRENA asserts that the chief driver of renewable energy deployment is a strong and steadily improving business case. This will be even more salient as the world shifts towards a global energy system powered by renewable sources.
For the full brief, click here.