CleanTechnica – Donald Trump’s determination to pull the US out of the Paris climate accord has been described as a major blow to the global carbon reduction effort.
But a new report from Morgan Stanley argues the move could cause barely a ripple, in the face of the “seismic shift” in renewable energy economics that is rapidly making wind and solar the cheapest new power source all around the globe.
The report, published on Thursday, predicts “surprisingly large” reductions in global power sector emissions – even in Trump’s America – as solar and wind energy hurtle towards being the cheapest new sources of electricity generation, beating out fossil fuels, with or without ambitious policy targets.
The analysis notes that solar panel prices have fallen 50 per cent in less than two years (2016-17), while the “all-in” costs for wind power in countries with “favorable” conditions can be as low as one-half to one-third that of coal- or natural gas-fired power plants.
Read more at CleanTechnica.