Solar power is becoming the world’s cheapest form of new electricity generation, according to an international group of renewable energy and financial experts.
A recent report from the Bloomberg New Energy Finance, a team of experts in cross-sectors and cross-geography trends spread across six continents, shows that solar now outranks wind as the cheapest form of renewable energy, and is outperforming coal and gas as well.
The report showed that solar energy prices in China, India, Brazil and 55 other emerging market economies have dropped to about one third of its price in 2010. This is owed largely to China’s massive deployment of solar, and the assistance it had provided to other countries financing their own solar projects.
In light of this development, members of civil society and renewable energy advocates reiterated their push for the Duterte administration to review and adjust its energy trajectory, which relies heavily on coal for the generation of electricity.
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