LONDON - Plunging costs of renewables mark a turning point in a global transition to low-carbon energy, with new solar or wind farms increasingly cheaper to build than running existing coal plants, according to a report published on Tuesday .
"We have reached an important turning point in the energy transition," Francesco La Camera, director-general of IRENA, said in a statement. More than half of the renewable capacity added in 2019 achieved lower power costs than the cheapest new coal plants, the report found. The authors also calculated that the world could save up to US$23 billion of power system costs per year by using onshore wind and solar PV to replace the most expensive 500 gigawatts of coal-fired power, mostly found in China, India, Ukraine, Poland, South Korea, Japan, Germany and the United States.
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