The landscape of renewable energy finance has evolved rapidly. Since 2012, renewable power capacity installations have exceeded non-renewables by a rising margin, representing about 60% of all new power-generating capacity added worldwide in 2016 (IRENA, 2017a). Investment reached a comparable milestone in 2015, when renewable power technologies for the first time attracted more finance than non-renewable power technologies (Buchner et al., 2017), a trend that has continued subsequently.
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Renewable energy has emerged as an increasingly competitive way to meet new power generation needs. This comprehensive cost report from the International Renewable Energy Agency (IRENA) highlights the latest trends for each of the main renewable power technologies, based on the latest cost and auction price data from projects around the world.