Renewable Energy Now Cheaper Than Fossil Fuels in Every Major Market

A comprehensive analysis by the International Energy Agency has confirmed that renewable energy sources — specifically solar and wind — are now cheaper than new fossil fuel plants in every major economy in the world. The crossover point, long predicted, has finally arrived simultaneously across all G20 nations.

The report shows that new solar installations now cost 40% less than the cheapest new gas plants, while offshore wind has seen costs fall by 70% over the past decade. Combined with rapidly improving battery storage technology, renewables are increasingly able to provide reliable baseload power.

The findings are expected to accelerate the global energy transition, with analysts predicting that new fossil fuel plant construction will become economically unviable within 2-3 years. Investment in clean energy reached $1.8 trillion last year, outpacing fossil fuel investments for the first time.