The global economy needs power to enable it to function. For a century, the cheapest, most efficient way to do that was to burn fossil fuels to produce steam to turn a turbine. But not any more.
The dominance of fossil fuels has come under growing pressure from clean power sources in recent years. At the start of the renewables revolution, technologies such as solar and wind were much more expensive than coal and gas, but a tipping point has been reached.
When it comes to building new generation capacity, it is cheaper to build renewable energy projects than new coal plants – which have previously been the cheapest form of power generation but also the most polluting – in every major market in the world, a new report says.