Renewables are already cheaper than new coal power plants in all major markets

Globally, developers are planning or constructing almost 500 gigawatts of coal capacity at a cost of $US638 billion ($984 billion), investments that could soon be wasted.

An analysis by Carbon Tracker found that by 2030 at the latest, new solar and wind farms will be cheaper to build than existing coal plants.

The analysis, which used data from the International Energy Agency among other sources, also found more than half of coal-fired power stations were more costly to run than building new renewable energy.

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