A report released by the International Renewable Energy Agency (IRENA) revealed that the global deployment of renewable power saved approximately $520 billion in fuel costs in 2022. This significant financial benefit is attributed to the swift growth of renewable energy sources, which have become increasingly competitive in the wake of the fossil fuel price crisis.
According to the report titled “Renewable Power Generation Costs in 2022,” around 86 percent or 187 gigawatts of all newly commissioned renewable capacity in 2022 had lower costs compared to fossil fuel-fired electricity. In addition to these cost savings, the transition to renewable energy offers substantial economic advantages by reducing CO2 emissions and mitigating local air pollutants.
China played a pivotal role in driving down global costs for solar photovoltaics (PV) and onshore wind in 2022. In contrast, other markets experienced more varied outcomes, with costs increasing in several major markets.
