Clean energy rapidly becoming cheaper than fossil fuels

| September 19, 2019

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Renewable energy is rapidly growing cheaper than fossil fuels in more areas of the world — transforming the conversation around switching from environmental benefits to economic gains. Michael Milken, chairman of think tank Milken Institute, told CNBC at the Milken Institute Asia Summit in Singapore on Thursday that clean electricity technologies were quickly becoming a no-brainer as prices drop globally. “For two-thirds of the world, renewables are cheaper than a significant amount of carbon-based energy, so it isn’t just an argument of environment, it’s now just pure economics,” Milken said. It’s a sign of the growing sentiment around technologies like wind and solar. The World Economic Forum noted in May 2019 that the benchmark price for offshore wind by over 50 percent since 2010, onshore wind by 49 percent and solar by 84 percent. Lithium-ion batteries, critical to storing this energy to provide round-the-clock power, have dropped in price more than 75 percent since 2012.

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