The "Costs of Renewable Energy Generation in 2022" report published by the International Renewable Energy Agency (IRENA) showed that the fossil fuel price crisis accelerated the increase in renewable energy competitiveness, with about 86 percent (187 GW) of the total capacity of newly commissioned renewable energy projects in 2022 lower than the costs of fossil fuel-generated electricity.
The report showed that renewable energy added in 2022 reduced the cost of fuel used in the electricity sector worldwide, and new capacity added since 2000 reduced the cost of fuel for the electricity sector in 2022 by at least US$520 billion. In non-OECD countries, cost reductions since the addition of new capacity alone have reached more than US$580 billion.
Source (Al Khaleej Emirati Newspaper, Edited)
