‘Spectacular’ drop in renewable energy costs leads to record global boost

For the first time last year, new solar installations were greater than any other electricity-producing technology.  With prices for solar falling and all other energy sources rising, this makes it easy to predict the future direction of world energy.

“Renewables are quite simply the cheapest way to generate energy in an ever-growing number of countries.”

From The Guardian

Renewable energy capacity around the world was boosted by a record amount in 2016 and delivered at a markedly lower cost, according to new global data – although the total financial investment in renewables actually fell. Plummeting prices for solar and wind power … led to new power deals in countries including Denmark, Egypt, India, Mexico and the United Arab Emirates all being priced well below fossil fuel or nuclear options. The new renewable energy capacity installed worldwide in 2016 was 161GW, a 10% rise on 2015 and a new record, according to REN21, a network of public and private sector groups covering 155 nations and 96% of the world’s population. New solar power provided the biggest boost – half of all new capacity – followed by wind power at a third and hydropower at 15%. Christiana Figueres, the former UN climate chief who delivered the Paris agreement and is now convenor of Mission 2020, said: “The economic case for renewables as the backbone of our global energy system is increasingly clear and proven. Offering ever greater bang-for-buck, renewables are quite simply the cheapest way to generate energy in an ever-growing number of countries.”

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