UN says booming solar, wind and other green energy hits global tipping point for even lower costs

The global switch to renewable energy has passed a “positive tipping point” where solar and wind power will become even cheaper and more widespread, according to two United Nations reports released yesterday [Macau time], describing a bright spot amid otherwise gloomy progress to curb climate change.

Last year, 74% of the growth in electricity generated worldwide was from wind, solar and other green sources, according to the U.N.’s multiagency report, called Seizing the Moment of Opportunity.

It found that 92.5% of all new electricity capacity added to the grid worldwide in that time period came from renewables. Meanwhile, sales of electric vehicles are up from 500,000 in 2015 to more than 17 million in 2024.

The three cheapest electricity sources globally last year were onshore wind, solar panels and new hydropower, according to an energy cost report by the International Renewable Energy Agency (IRENA).

Solar power now is 41% cheaper and wind power is 53% cheaper globally than the lowest-cost fossil fuel, the reports said. Fossil fuels, which are the chief cause of climate change, include coal, oil and natural gas.