A new energy market analysis shows the average cost of electricity from renewables is already lower than from fossil fuels, writes Alex Kirby. And as renewables eat deeper into the 'market share' of coal and gas power plants, so the entire economics of fossil fuel power generation will unravel.
A new report warns that coal, oil and gas assets will be stranded if the world is to limit temperature rise to 2C. Losses are projected to reach $2.2 trillion over the next decade, with coal taking the biggest hit, while oil demand peaks in 2020. Yet fossil energy companies are ignoring the very innovations that will put them out of business.