The International Renewable Energy Agency recently released a report showing that two-thirds (163 gigawatts) of new renewable energy capacity installed globally last year cost less than coal-fired power generation in the G20 countries. Compared to 2020, the cost of onshore wind fell by 15% last year, offshore wind by 13% and solar power by 13%.
Coal and natural gas prices surged last year, putting pressure on industry, businesses and consumers. The International Renewable Energy Agency said that high gas prices in Europe will make gas-fired power generation increasingly uneconomical during its lifetime.
The cost of fuel and carbon emissions from existing gas-fired power plants this year could be on average four to six times higher than the cost of new solar and onshore wind power commissioned last year, the report said. From January to May this year, solar and wind power generation saved Europe $50 billion in fossil fuel import costs.
