- Cost advantage: In 2024, 91% of new renewable power projects were more cost-effective than fossil fuel alternatives, with solar PV and onshore wind up to 53% cheaper.
- Savings and scale: The addition of 582 GW in renewable capacity avoided $57 billion in fossil fuel costs; total global avoided fossil fuel costs hit $467 billion.
- Emerging challenges: Financing risks, grid bottlenecks, and uneven cost structures—especially in the Global South—threaten the pace and fairness of the transition.
Renewables firmly cemented their cost leadership in global energy markets in 2024, with 91% of newly commissioned renewable projects delivering electricity at a lower cost than any fossil fuel alternative,
