I think what we're seeing happen globally is the amount of change in the last five years in the cost of individual technologies, things like an analysis from Bloomberg that shows a decline of more than 85% in lithium-ion battery prices between 2013 and 2024. We've seen the cost of things like wind and solar reduced by up to 90% between 2010 and 2024. It's just changing the math.
I mentioned in my opening remarks how this isn't a moral imperative but an economic imperative. We're talking about both benefits for households as well as this kind of technology taking off, not just because it might be needed under specific domestic regulation but because it is the most competitive. In most markets around the world, solar PV or wind now represent the cheapest available sources of new electricity generation.
These are some of the numbers and stats behind something like the U.K. Climate Change Committee looking at what they might have looked at five years ago and thinking about the cost of meeting some of these regulations and requirements and seeing that under the current economic conditions, the reality has changed. Some of this is radically different from what it would have been five years ago.