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'Spectacular' drop in renewable energy costs leads to record global boost
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)
Posted: June 18th, 2017
https://www.theguardian.com/environment/2017/jun/06/spectacu...
Renewable energy capacity around the world was boosted by a record amount in 2016 and delivered at a markedly lower cost, according to new global data although the total financial investment in renewables actually fell. Plummeting prices for solar and wind power ... led to new power deals in countries including Denmark, Egypt, India, Mexico and the United Arab Emirates all being priced well below fossil fuel or nuclear options. The new renewable energy capacity installed worldwide in 2016 was 161GW, a 10% rise on 2015 and a new record, according to REN21, a network of public and private sector groups covering 155 nations and 96% of the worlds population. New solar power provided the biggest boost half of all new capacity followed by wind power at a third and hydropower at 15%. It is the first year that the new solar capacity added has been greater than any other electricity-producing technology. Christiana Figueres, the former UN climate chief who delivered the Paris agreement and is now convenor of Mission 2020, said: The economic case for renewables as the backbone of our global energy system is increasingly clear and proven. Offering ever greater bang-for-buck, renewables are quite simply the cheapest way to generate energy in an ever-growing number of countries.
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