The experts at Bloomberg New Energy Finance (BNEF) call it Tipping Point 2: The point at which newly installed electricity generation from wind and solar power plants is cheaper than existing fossil fuel power generation. As this new BNEF graphic shows, many countries have reached this point. After Tipping Point 1, where renewables are cheaper than new fossil fuel power plants, this is the point at which it makes economic sense to decommission existing fossil fuel infrastructure and thus implement the transition away from fossil fuels, as agreed at COP29.