Renewables cheaper than fossil fuel plants by 2030


From pv magazine International

Solar and wind power will dominate the global energy market at the end of the decade as they become cheaper to install than the operational costs of fossil fuel facilities, according to a report published today by U.S.-based management consultancy McKinsey & Company.

The 2021 Global Energy Perspective study predicts solar and wind power plants will make up almost half the world’s power generation capacity by 2035 and cites the cost competitiveness of renewables-powered green hydrogen by 2030 as another game changer for the energy transition.

With global coal-fired power demand having already peaked, according to the report, the high point for oil will be hit in 2029 and for gas, in 2037, McKinsey has predicted. That would add up to the world’s thirst for all fossil fuels combined peaking in 2027.

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