Wind and solar is cost-effective

The fossil-fuel era is ending, not because of political will, but because the economics of renewables is winning.

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This is very bad news for those who have spent hundreds of billions of dollars in the last decade building oil and gas infrastructure.

Developing countries such as Pakistan are rapidly adopting wind and solar, not for environmental virtue but because it is overwhelmingly the most cost effective path to growth. This rapid shift in economics is delivering substantial financial gains.

A recent Oxford study suggests low and middle-income countries that pursue a rapid transition stand to gain around 10% in GDP over the next two decades.

The price of solar power has plummeted by over 90% since 2010, making it cheaper to install and operate than to install and operate fossil fuel alternatives in most contexts. This rapid shift in economics is delivering substantial financial gains for these countries.