This is a necessary, but not sufficient, step towards stabilizing temperatures. Cheap renewables make it possible to displace fossil fuels, but don’t actually do that unless we force it to happen.
The beauty of the market system is that you do not have to force it - it will happen by itself if there are no factors (like bad laws) preventing that.
First of all you have to force it in a way of subsidizing it until it becomes cheap. Many countries did that with solar and wind for 2-3 decades now.
Then secondly there are still many laws in place or policies that support the fossil-based industries, so action is still required to u leash the full potential renewables bring to the table
Ah, good ole “The free market will fix everything” approach.
It has yet to work. I’m not holding my breath hoping it’ll fix it anytime soon.
Free market does not fix everything, but it does work when conditions are right. That is when it is actually free as in free competition, actually market with multiple players and customers and so on.
And it is already contributing significantly into CO2 reduction - lots of private money is invested into building up green based technologies, and this will only accelerate in future.
