A study by Bloomberg New Energy Finance suggests that renewable energy prices are falling quicker than previously expected, writes Jamie Condliffe from The MIT Technology Review. The study shows that solar and coal power are comparably cheap not only in countries like Germany, the U.S., and Australia, but also in countries like India and China, where it was expected that coal would remain competitive for considerably longer.

This drop in pricing is sure to make the transition from fossil fuel power to renewable energy easier and quicker for the countries still committed to the Paris Climate Agreement of 2015. The study argues that, by 2040, coal should be irrelevant in the American and European economies. The drop in prices, though, will not occur fast enough to make other commitments to the Paris Agreement less important, and countries must continue to mitigate carbon dioxide emissions.