As much as we need to decarbonise the world and transition away from fossil fuels, there is one main driver for the use of renewable energy – cost.
Much effort goes into political, media and online fact-twisting to blame all things green for high energy bills.
Of course, the reverse is the truth.
A report released by International Renewable Energy Agency (IRENA) revealed an incredible fact, which must be spoken back at all levels to anyone spreading untruths about renewables…
In 2024, a massive 91% of renewable power projects were more cost-effective than any new fossil fuel alternatives.
IRENA’s report adds even more encouraging stats:
- The cost of renewable energy technologies has fallen so sharply over the past decade, that 96% of new solar and wind now cost less than new coal and gas plants.
- Renewables delivered 92.5% of new global electricity capacity last year and 74% of generation growth.
- Since 2015, clean power capacity has jumped about 2,600GW, versus 640GW for fossil fuels.
- Clean energy spending topped $2tn in 2024 – $800bn more than fossil fuels – and created 34.8m jobs in 2023, contributing 10% of global GDP growth (nearly one‑third in the EU).
Opportunity Knocks
UN secretary-general António Guterres recently called the clean energy transition “unstoppable” and “a moment of opportunity.”
He added: “Throughout history, energy has shaped the destiny of humankind – from mastering fire, to harnessing steam, to splitting the atom.
“Now, we are on the cusp of a new era. Fossil fuels are running out of road. The sun is rising on a clean energy age.”
At SNRG, we have also witnessed the power of saving money. We fund our award-winning SmartGrid solution, removing the obstacle of meeting upfront capex and ongoing maintenance costs (see more at oursnrg.com).
The world has recently received another wake-up call from scientists. “Only two years left of world carbon budget to meet 1.5°C target” reported The Guardian.
So we have until mid‑2027 to make deep, meaningful, sustained CO2 reductions, or else we will cross irreversible warming thresholds, unleashing all kinds of chaos on our climate and biodiversity.
It’s about as serious as anything gets. But urgency in the business world is still driven by saving costs, more than saving lives.
Which makes the findings in the IRENA report a hugely important milestone for clean energy.
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