A new report from the International Renewable Energy Agency (IRENA) has found that the cost of generating renewable energy is now equal to or below the cost of fossil fuels in many parts of the world. Released on Saturday, the major report also asserts that renewables should remain financially competitive even if oil prices remain low for a while. Oil prices have fallen some 60 percent since last summer. The report states that “history has shown that periods of low oil prices tend to be transitory as long as the world’s thirst for these finite resources rises,” and that for investments with a lifetime of 25 years or so, investments decisions in electricity generation should not be made using current oil prices. The report found that, even without financial support and despite falling oil prices, biomass, hydropower, geothermal, and onshore wind are all competitive with or cheaper than oil, natural gas, and coal-fired power stations.

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