Transitioning to renewable energy is not only critical for the environment, UN Secretary-General António Guterres says, it is also smart economics. The UN official emphasized that economic realities are now accelerating the green transition and making it “unstoppable” during an online address titled ‘A Moment of Opportunity’.
He noted that the rapid decline in renewable energy costs helped the world add record amounts of new clean energy capacity last year. Renewables now compete with fossil fuels like oil and natural gas in terms of cost, scale, and economic impact.
The UN chief’s comments coincided with the release of two major reports on falling renewable energy costs. One came from the International Renewable Energy Agency (IRENA), while the other was a UN report leveraging IRENA’s data. Both highlighted how plummeting renewable energy prices over the past two decades have fueled unprecedented growth in the sector. As a result, sources such as solar, wind, geothermal, and hydropower are approaching parity with fossil fuels in installed capacity worldwide.
Solar energy costs provide a striking example. Prices have dropped from over $500 per megawatt-hour (MWh) in the 1990s to roughly $30–$60/MWh in the early 2020s, a decline of more than 90%.
According to IRENA, 91% of green energy projects commissioned in 2024 were more cost-effective than new fossil fuel alternatives. That year, a cumulative 582 gigawatts (GW) of renewable capacity was added to the grid, displacing an estimated $57 billion in fossil fuel consumption and helping reduce global reliance on nonrenewable energy.
Guterres also pointed out that declining costs are directly driving adoption. IRENA data shows that 96% of new wind and solar projects are cheaper than new gas or coal plants, making them more attractive for investors.
In 2024, electricity from onshore wind and photovoltaic solar plants averaged 53% and 41% cheaper, respectively, than power from the most cost-efficient fossil fuel facilities. Global averages now stand at about $0.043 per kilowatt-hour (kWh) for solar and $0.034/kWh for onshore wind.
Although some renewable energy costs rose slightly between 2023 and 2024, BloombergNEF attributes this to temporary supply chain pressures and inflation. IRENA expects prices to continue falling over time as the sector matures and benefits from ongoing technological improvements.
Guterres’ online address reinforced that the world is entering a decisive economic phase for clean energy. His speech underscored that the shift is being driven as much by financial logic as environmental urgency, signaling that nations investing in renewables today are positioning themselves for lasting economic resilience.
As renewable energy makes further inroads into the energy mix of different major economies, other related technologies like the electric vehicle industry with players like Bollinger Innovations, Inc. (NASDAQ: BINI) are likely to also gain deeper market penetration since they are also designed to help in the switch away from fossil fuels.
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