The cost of solar energy and energy storage has fallen dramatically worldwide in less than two decades, according to a new study released by IRENA (International Renewable Energy Agency).
Since 2010, the cost of generating solar energy has fallen by 87%, while battery storage has seen a 93% reduction. The survey also indicates that more than 85% of renewable energy sources are already cheaper than alternatives based on fossil fuels.
The report, aimed at policymakers, also brings together immediate and long-term actions to protect countries and communities from the impacts of crises in international energy markets, as well as guiding economic recovery towards greater energy security and resilience.
According to the document, the drop in costs is transforming how the world strategically positions itself in the global energy landscape.
"The current crisis clearly demonstrates the strategic importance of renewable energies as a national security imperative," stated Francesco La Camera, Director-General of IRENA.
Examples cited include Spain and Portugal in Europe, as well as China, India, and Pakistan in Asia. Globally, renewable energy generation capacity continues its record expansion, with 692 GW added in 2025.
According to the executive, the world has an opportunity to prioritize actions that strengthen long-term energy stability.
"Governments must urgently consider targeted interventions to guide investments and emergency responses, accelerating the deployment of renewable energy," he stressed.
Geopolitical challenges
The report also points out that geopolitical conflicts, such as the situation in the Middle East, highlight the fragility of energy systems that are still dependent on fossil fuels and exposed to the volatility of oil and gas prices.
The consequences extend beyond the energy sector, affecting supply chains, inflation, and economic activity, with the most severe impacts on the most vulnerable populations.
“The examples presented in the IRENA report confirm the resilience of renewable energies. They demonstrate the growing role of these sources in strengthening energy security, reducing exposure to the volatility of fossil fuels, and supporting long-term economic stability,” added La Camera.
Check out the full study by clicking here.
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