My, how you've grown!

The reason wind power has got so cheap is that wind turbine sizes have exploded.  The output from a wind turbine is proportional to the area "swept" by the blades, which is the square of the radius (𝝿r²).  A doubling in the length of each blade causes a fourfold increase in output.  Other improvements have helped too: changes in gears and in blade shapes, and the learning curve improvements that come with mass production have also pushed down costs.

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From the Bloomberg article:

The same process of producing more electricity for a lower cost is making photovoltaics cheaper. Liebreich predicted two “tipping points” where the cost of renewables will make power generation fueled by natural gas and coal increasingly unattractive. 

“The first is when new wind and solar become cheaper than anything else,” Liebreich said. The slide below from his presentation indicates that in Japan by 2025 it will be cheaper to build a new PV plant than a coal-fired power generator. That milestone will be passed in India for wind power by 2030. 

“At that point, anything you have to retire is likely to be replaced by wind and solar,” Liebreich said. “That tipping point is either here or almost here everywhere in the world.”

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The second tipping point, a little further off, is when it’s more costly to operate existing coal and gas plants than to take power from wind and solar. The chart below, from BNEF forecasts, indicates that point may arrive in the middle of the next decade in both Germany and China.

[Read more here]

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When wind and solar are cheaper than existing coal and gas, the switch away from fossil fuels will be very rapid.  China and Europe produce 40% plus of world carbon emissions.  So when they shift, especially given the push towards EVs, emissions will fall sharply. It's this sort of dynamic that makes me optimistic that the world will avoid the worst case global warming scenarios.  Alas, we won't save ourselves or the world because of our innate good nature but because we will save money by doing so.  All the same, I count that as a win.