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

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By illuminem briefings

· 2 min read


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

Click for more news covering the latest on energy transition

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