Morgan Stanley research shows that renewable energy, including solar and wind power, will become the cheapest option within years.
Quartz stated that the affordability of renewable energy is increasing across the world.
“We project that by 2020, renewables will be the cheapest form of new-power generation across the globe,” said Morgan Stanley.
“In most cases, favourable renewables economics rather than government policy will be the primary driver of changes to utilities’ carbon emissions levels.”
According to the report, the price of solar panels has fallen by 50% between 2016 and 2017.
Wind power is also becoming more attractive, with improved efficiency made possible by innovations like longer turbine blades.
“The costs of wind power can be as low as one-half to one-third that of coal or natural gas-fired power plants.”