“Clean energy costs will continue to fall” - According to the report, green sources cost less than fossil plants
The cost of clean energy technologies worldwide, such as wind, solar and battery storage, is expected to fall further this year, a report showed, despite rising protectionism in the form of tariffs on green energy imports.
New wind farms and solar plants now have lower production costs than new coal and gas plants in almost every market around the world. Cheaper renewable energy is enabling countries to move away from fossil fuels in the fight against climate change.
China's overcapacity in clean-tech manufacturing caused costs to fall last year, and countries like the United States and European states have imposed tariffs on Chinese imports such as solar components and electric vehicles to protect domestic production.
On average, China can produce one megawatt-hour of electricity from leading power generation technologies 11-64% cheaper than other markets, the report said.
The cost of clean energy technologies is expected to fall further by 2-11% in 2025. While trade barriers may delay the decline temporarily, the levelized cost of electricity for clean technologies is expected to fall by 22-49% by 2035.
"China is exporting green energy technology so cheaply that the rest of the world is considering erecting barriers to protect its own industries. But the overall trend in cost reduction is so strong that no one, not even President Trump, will be able to stop it," the analysts explain.
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