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Solar and wind power cheaper than fossils fuels for the first time - 5th January

Wind

Solar and wind is now either the same price or cheaper than new fossil fuel capacity in more than 30 countries, according to a new report from the World Economic Forum. The influential foundation has described the change as a "tipping point" that could make fighting climate change into a profitable form of business for energy companies.

However, investors and energy firms are still failing to put money into such green solutions despite the fact that they are cheaper than more traditional forms of electricity generation

Renewable energy has reached a tipping point – it now constitutes the best chance to reverse global warming,” said Michael Drexler, Head of Long Term Investing, Infrastructure and Development at the World Economic Forum. “Solar and wind have just become very competitive, and costs continue to fall. It is not only a commercially viable option, but an outright compelling investment opportunity with long-term, stable, inflation-protected returns.”

Ten years ago, generating electricity through solar cost about $600 per MWh, and it cost only $100 to generate the same amount of power through coal and natural gas. But the price of renewable sources of power plunged quickly – today it only costs around $100 the generate the same amount of electricity through solar and $50 through wind.

Read more here.

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