The International Energy Agency (IEA) recommends accelerating the adoption of renewable energy to lower household power prices, as it has been proven to be more cost-effective in the long run despite higher upfront costs. The IEA also dispels the myth that wind and solar energy sources are less reliable than fossil fuels, emphasizing that reduced dependence on fossil fuels can shield against market price shocks. South Australia and Western Australia serve as examples of grids remaining stable with a high percentage of renewable energy. Climate Analytics CEO Bill Hare underscores the benefits of supporting renewables, noting their rapid growth and falling prices as a win-win for both people's wallets and the climate. The IEA's report stresses the need for significant investments in grid infrastructure to facilitate the transition to renewable energy sources, as efforts to stabilize energy prices are faltering and demand for LNG and oil is declining while renewables become more competitive.
“A clear decline:” IEA says faster transition to renewables equals lower household prices
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