Now a new report (pdf) from the National Bank of Abu Dhabi, as you can imagine, a big player in oil & gas, says that "fossil fuels can no longer compete with solar technologies on price", and that the majority of the $US48 trillion needed to meet global energy demand over the next 20 years will come from renewables.
“Cost is no longer a reason not to proceed with renewables,” the NBAD report says. In some instances, the price of renewables are remarkably low. “The latest solar PV project tendered in Dubai returned a low bid that set a new global benchmark and is competitive with oil at US$10/barrel and gas at US$5/MMBtu.” This was a 200MW bid by ACWA Power at $US0.0584/kWh (5.84c/kwh), without subsidies. Of course, sunnier countries will have lower costs, but over time even cloudier places will see solar eclipse dirty sources.