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Gerard Reid, the co-founder of Alexa Capital, which offers investment banking services to the renewable energy industry, said the shift to renewables could happen quicker than many think as wind and solar had already become cheaper than coal-fired power in many parts of the world.
The cost of generating electricity from solar and onshore wind has fallen by 77 per cent and 38 per cent respectively since 2009, according to BNEF, according to a measure that assesses all the costs of building a renewable project. “You’ve got another bull run on coal and that’s it,” Mr Reid said. “But China and India will make the difference — if you have wind and solar so cheap, they’re just going to go to the cheapest, they don’t care.”