Context:
According to IRENA, renewable energy projects commissioned in 2025 helped save about $480 billion in global fossil fuel costs. The report highlights that solar and wind power are becoming cheaper than new fossil-fuel-based electricity generation.
Explanation:
- Falling costs of solar panels, wind turbines, technology improvements and economies of scale have made renewables competitive.
- Renewables reduce dependence on imported coal, oil and natural gas, improving energy security.
- Since solar and wind have no fuel cost, they protect economies from gas price spikes and geopolitical shocks.
Source: (The Indian Express, The Hindu, Live Mint)
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