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Renewable energy becoming the cheapest choice

11 Juillet 2017

After U.S. president Donald Trump made a decision to pull the country out of the Paris Climate Agreement, many expected a reduction in the nation's efforts to transition to clean and sustainable energy.

"What Cheap, Clean Energy Means for Global Utilities", a report published Thursday by financial services firm Morgan Stanley, analysts confirm that renewable energy is fast becoming the cheapest option.

Quartz stated that the affordability of renewable energy is increasing across the world.

According to the report, the price of solar panels has fallen by 50% between 2016 and 2017.

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"We project that by 2020, renewables will be the cheapest form of new-power generation across the globe", said Morgan Stanley.

"Renewable power will be the cheapest new entrant in most markets, in our view, and we assess emissions rate of change profiles over near (2020) and longer (2025) time frames". For example, notwithstanding president Trump's stated intention to withdraw the USA from the Paris climate accord, we expect the exceed the Paris commitment of a 26-28% reduction in its 2005-level carbon emissions by 2020.

But regardless of policy debate, the report suggests that the power industry will be steered by economics, to one degree or another, with those forward looking businesses faring the best.

Renewable energy becoming the cheapest choice