A new report from the International Renewable Energy Agency (IRENA) reveals that over three-quarters of the renewable energy capacity added last year was cheaper than fossil fuels, highlighting the growing competitiveness of solar, wind, and other renewable sources. This trend is crucial as countries work to reduce their reliance on fossil fuels—such as oil, natural gas, and coal—to lower greenhouse gas emissions and meet climate change targets. 🌍⚡

The report coincides with the goals established during last year’s U.N. climate summit, which aims to triple global renewable energy capacity by 2030. To achieve this ambitious target, installed renewable energy capacity must increase to at least 11,000 gigawatts (GW) by the end of the decade, up from 4,209 GW in 2023. 📈🌞

This shift towards more cost-effective renewable energy solutions not only supports environmental objectives but also presents economic opportunities for countries committed to sustainable development.