81% of renewables offer cheaper energy than fossil fuels, report says

illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: A new report from the International Renewable Energy Agency (IRENA) reveals that 81% of the renewable energy capacity added in 2023 now generates electricity more cheaply than fossil fuels, with onshore wind and solar costs continuing to decline
• The world added 473 gigawatts of renewable capacity, equivalent to 473 nuclear plants

🔭 The context: From 2010 to 2023, renewable energy technology costs have plummeted, allowing for more competitive pricing against fossil fuels, whose prices spiked to 10 cents/kWh in 2023
• Battery storage is also growing rapidly, enhancing renewables' ability to meet demand during downtimes

🌍 Why it matters for the planet: Cheaper renewables are accelerating the global transition away from fossil fuels, reducing carbon emissions and advancing climate goals
• This trend is critical for countries aiming to meet the pledge to triple renewable capacity by 2030

⏭️ What's next: IRENA expects even more widespread deployment of renewable power across regions, with innovation in storage and grid technologies facilitating the ongoing energy transition

💬 One quote: “The world is embracing the transition away from fossil fuels,” writes IRENA Director General Francesco La Camera

📈 One stat: Battery storage added 95.9 GWh in 2023, up from just 0.1 GWh in 2010—a 959x increase

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