This report concludes that market viability of some clean energy technologies is progressing, but the overall rate of deployment falls short of achieving the ETP 2°C Scenario (2DS).

The key findings include that the cost gap between electricity generated from renewables and that from fossil fuels is narrowing. Some renewables are already competitive with new-built fossil fuel plants in various locations. In addition, long-term contracts with record low prices were signed for both onshore wind and utility-scale solar photovoltaic (PV) projects over the last year showing the significant improvement on cost of energy for some renewables.

It is predicted that solar PV may even exceed 2DS targets with its strong growth in deployment and increasing competitiveness. Improvement in the rate of onshore wind and hydropower deployment is needed to get back onto the 2DS trajectory. Meanwhile, progress has slowed in the development of bioenergy, offshore wind, geothermal power, solar thermal electricity (STE) and ocean energy. In addition to current policy frameworks further support is needed to overcome technology-specific barriers in order to meet 2DS targets.

[Adapted from source]