Renewables to hit parity with coal and gas sooner than we think

Renewables to hit parity with coal and gas sooner than we think by Giles Parkinson

The cost of key renewable energy technologies is falling more rapidly than thought, with wind competitive with fossil fuels in many major energy markets, and solar like to achieve grid parity with conventional fuels on utility or wholesale costs in the second half of the decade.

The forecasts from global banking giant HSBC fits in with some of the forecasts from the US, Chinese and Indian governments in recent months, and the outlook within the EU. But HSBC says the cost falls appear to be even more rapid than previously forecast, and will coincide with a carbon price that will become a "global phenomenom" in the second half of the decade.