Source: Economic Information Daily

A recent report released by the International Renewable Energy Agency (IRENA) shows that renewable energy still maintains a significant cost 

advantage in the global power market. Last year, it further helped the world reduce its reliance on fossil fuels and enhance energy security.

According to the 2024 Renewable Power Generation Costs Report, driven by technological innovation, competitive supply chains, and economies 

of scale, the cost of renewable energy remains lower than that of fossil fuels, sustaining its price advantage.

The report states that in 2024, the average cost of solar photovoltaic (PV) power generation was 41% lower than the cheapest fossil fuel option, 

while the cost of onshore wind power projects was 53% lower. Onshore wind power was the most economical new renewable power source, with 

a cost of $0.034 per kilowatt-hour (kWh), followed by solar PV power at $0.043 per kWh. Technological advancements such as battery energy storage 

systems are also improving the economic viability of renewable energy.

The report also notes that in 2024, the newly installed capacity of renewable energy reached 582 gigawatts (GW), resulting in significant cost savings 

and replacing fossil fuel usage worth approximately $57 billion. Among the new renewable energy power projects commissioned last year, 91% were 

more cost-effective than any new fossil fuel projects.

The report points out that due to challenges such as delayed approvals and limited grid capacity, the cost of renewable energy in Europe and North 

America may remain high. In contrast, regions such as Asia, Africa, and South America—with higher learning efficiency and enormous renewable 

energy potential—are expected to achieve significant cost reductions.

In a news release, UN Secretary-General António Guterres said, "Leaders around the world must remove barriers, build confidence, and unlock funds 

and investments. Renewable energy is lighting the way for everyone to a world of affordable, abundant, and secure electricity." (Peng Xi)