July 14, 2021 Read More →

Renewables cheapest source of new power in 90% of world markets

Agence France-Presse:

Electricity generation from fossil fuel has peaked worldwide as emerging markets opt for cheaper renewable technology as part of a global shift to cleaner energy, analysis showed Wednesday.

Renewable options such as solar and wind are already the cheapest source of new power generation in 90 percent of the world’s markets, meaning developing nations can avoid oil and gas as they seek to meet growing electricity demand.

New research from India’s Council on Energy, Environment and Water (CEEW) and the financial think tank Carbon Tracker shows how emerging markets are already “leapfrogging” fossil fuel infrastructure and heading straight for green power generation.

These same markets account for nearly 90 percent of future electricity demand, the analysis found.

It also showed that fossil fuel demand has already peaked in nearly all emerging markets.

[Staff Report]

More: Analysis reveals shift to cleaner energy through renewable technology

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