The falling cost of technology means that for many parts of the world, renewable energy generation is now the cheapest source of electricity, according to the International Renewable Energy Agency. The cost of electricity from concentrated solar power fell by 26 per cent last year, while the cost of solar photovoltaics and onshore wind declined by 13 per cent. Those reductions are likely to continued for years to come, according to IRENA’s latest annual survey.
“Renewable power is the backbone of any development that aims to be sustainable”, said IRENA’s director-general Francesco La Camera. “We must do everything we can to accelerate renewables if we are to meet the climate objectives of the Paris Agreement. Today’s report sends a clear signal to the international community: Renewable energy provides countries with a low-cost climate solution that allows for scaling up action.”
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