38% of the total global energy capacity now has higher operating costs than new utility-scale photovoltaics and onshore wind energy.
Replacing this expensive coal power with renewables will save operators USD 32 billion a year and reduce annual carbon dioxide emissions by around three billion tonnes.
The year 2020 was a record year for renewables deployment despite the Covid-19- pandemic, with 261 GW installed.
Around 162 GW or 62% of total renewable power capacity added last year had lower costs than the cheapest new fossil fuel option.
