The Paris-based IEA, in its inaugural World Energy Investment 2016 report, says that technological progress and economies of scale are driving down the cost of renewables.
The IEA found global power generation had reduced its carbon footprint by 20% over the past two years, falling to 420kg of CO2 per megawatt-hour in 2015.
"Globally, the capital cost of onshore wind has fallen by 20% and that of utililty-scale solar PV by more than 60% since 2010.
