Thu Sep 26 13:00:26 UTC 2024: ## Renewable Energy Soars, Outpacing Fossil Fuels in Cost and Deployment
**Abu Dhabi, UAE** – The world embraced renewable energy in 2023, adding a record 473 gigawatts of capacity – equivalent to 473 nuclear power plants – according to a new report from the International Renewable Energy Agency (IRENA). This surge in renewable energy deployment is driven by the fact that it’s now cheaper than fossil fuels.
The report highlights that onshore wind power now costs 3.3 cents per kilowatt-hour, while utility-scale solar photovoltaic power costs 4.4 cents per kilowatt-hour. This is significantly cheaper than fossil fuels, which are currently priced at 10 cents per kilowatt-hour.
“The world is embracing the transition away from fossil fuels,” stated Francesco La Camera, IRENA Director General, attributing this shift to the continuous decline in renewable energy technology costs.
This trend, which has been observed since 2010, is expected to continue as countries strive to triple renewable energy capacity by 2030, as pledged at COP28.
China is leading the charge in this global renewable energy revolution, accounting for nearly half of global additions in battery storage and major investments in solar, wind, and hydropower projects.
The report emphasizes the crucial role of energy storage in bridging renewable power gaps during periods of low generation. Significant advancements in battery storage technology have resulted in an 89% cost reduction since 2010.
With the increasing adoption of renewables, the world has saved $409 billion in fuel costs between 2000 and 2023, according to IRENA.
“The rising competitiveness of renewables in comparison to fossil fuels is driving extensive deployment of (renewables),” the report concludes.
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