“It’s a whole new world. Instead of having to subsidise renewables, now authorities may have to subsidise natural gas plants to help them provide grid reliability.”
The world built more renewables for far less money last year, report UN and Bloomberg New Energy Finance. Stunning drops in the cost of wind and solar energy have turned the global power market upside down.
For years, opponents of renewable power, like President Donald Trump, have argued they simply aren’t affordable. The reality is quite different.
Unsubsidized renewables have become the cheapest source of new power — by far — in more and more countries, according to a new report from the United Nations and Bloomberg New Energy Finance (BNEF).