Almost two-thirds of wind and solar projects built globally last year will be able to generate cheaper electricity than even the world’s cheapest new coal plants, according to a report from the International Renewable Energy Agency (Irena).

The agency found that the falling cost of new windfarms and solar panels meant 62% of new renewable energy projects could undercut the cost of up to 800 gigawatts (GW) worth of coal plants, or almost enough to supply the UK’s electricity needs 10 times over.

Solar power costs fell by 16% last year, according to the report, while the cost of onshore wind dropped 13% and offshore wind by 9%.

Guest post from The Guardian