Renewables beat fossil fuels on cost globally

Renewable energy sources are now cheaper than most fossil fuels globally, according to a Tuesday report by IRENA, potentially accelerating the transition to cleaner energy. The IRENA report found that approximately 91% of newly commissioned renewable energy projects are more cost-effective than fossil fuel alternatives. Solar PV is 41% cheaper, and onshore wind is 53% cheaper than the lowest-cost fossil fuels. This trend is driven by technological advancements and economies of scale, though geopolitical tensions and supply chain issues pose short-term cost challenges. The report highlights the potential for affordable and sustainable energy.