Renewables cheapest option to recover from Covid-19: IRENA
Renewable power is increasingly cheaper than any new electricity capacity based on fossil fuels, a new report by the International Renewable Energy Agency (IRENA) published on Tuesday said.
Competitive power generation costs make investment in renewables highly attractive as countries target economic recovery from Covid-19.
The report, ‘Renewable Power Generation Costs in 2019’, shows that more than half of the renewable capacity added in 2019 achieved lower power costs than the cheapest new coal plants.
The report highlights that new renewable power generation projects now increasingly undercut existing coal-fired plants.
