Renewables extend price dominance over fossil fuels
ReportsThe cost of solar has been halved, while wind costs have also fallen by almost one-third, according to McKinsey. This is due to rapid technological developments and supply chain optimisation. As a result, 61% of new renewable capacity installation is currently priced lower than fossil fuel alternatives. Renewables will become the new baseload generation and will account for 50% of the power mix by 2030 and 85% by 2050 as build-out rates for solar and wind grow by a factor of five and eight respectively. Global fossil fuel demand will peak between 2023 and 2025, it says.
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