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The International Monetary Fund's annual World Economic Outlook has a section that nicely tells the story of why wind and solar power are growing so fast in power markets.

Expand chart
Reproduced from IMF's World Economic Outlook, April 2019; Chart: Axios Visuals

What they found: The chart above shows calculations of levelized cost of electricity from different forms of zero-carbon power. That's basically an all-in comparison of the costs of building, running, supplying and maintaining facilities over time.

By the numbers: "Between 2009 and 2017, prices of solar photovoltaics and onshore wind turbines fell most rapidly, dropping by 76 percent and 34 percent, respectively — making these energy sources competitive alternatives to fossil fuels and more traditional low-carbon sources," IMF notes.

  • The data is in a wider section about the prices of equipment and machinery.

The big picture: Today renewables account for about 25% of global power generation, according to IEA.

  • Hydropower has the largest share, but cost declines are helping wind and solar gain ground, with solar overtaking hydro in about a decade in their central case.

Go deeper

Ben Geman, author of Generate
41 mins ago - Energy & Environment

Carbon emissions are roaring back from COVID-19

Expand chart
Data: IEA Global Energy Review 2021; Chart: Axios Visuals

Global energy-related carbon emissions will surge this year as coal, oil and natural gas consumption return from the pandemic that caused an unprecedented emissions decline, the International Energy Agency estimated Tuesday.

Why it matters: The projected rise of nearly 5% would be the largest since the "carbon intensive" recovery from the financial crisis over a decade ago, IEA said, putting emissions just below their 2019 peak.

1 hour ago - Axios Twin Cities

Jurors resume deliberations as the nation awaits Chauvin verdict

Protesters outside Hennepin County Government Center on the day of closing arguments. Photo: Christopher Mark Juhn/Anadolu Agency via Getty Images

Jurors in the Derek Chauvin trial resume deliberations Tuesday morning as the nation waits for a verdict.

The latest: The 12 jurors met behind closed doors for about three hours Monday before breaking for the night at 8pm.

John Frank, author of Denver
1 hour ago - Axios Denver

What national marijuana legalization would mean for Colorado

Illustration: Sarah Grillo/Axios

Colorado's cannabis industry is enjoying an era of prosperity as national attitudes toward marijuana become more relaxed.

Driving the news: 17 states have legalized recreational marijuana sales and pot enjoys its highest popularity ever with 68% of adults backing legalization, according to a recent Gallup poll.