Renewable energy should supply 57 per cent of global power demand by the end of the decade, up from 26 per cent now, as per intergovernmental International Renewable Energy Agency (IRENA).
A brochure, ‘10 years: Progress to Action’, published on the sidelines of 10th annual Assembly of IRENA in Abu Dhabi, has charted the recent global advances and outlined the measures required to scale up renewables. Annual investment needs to double from around $329 billion in 2018 to$737 billion to deploy renewable energy at the speed required. Much of it could be met by redirecting planned fossil fuel investments. IRENA director-general Francesco La Camera said, “We must urgently address the need for stronger enabling policies and a significant increase in investment over the next ten years. Renewables hold the key to sustainable development and should be central to energy and economic planning all over the world.”
Additional investments bring significant savings by curtailing losses caused by climate change because of inaction. Savings could amount to between $1.6 trillion and $307 trillion annually by 2030, IRENA said.
Strengthening the case for renewable energy, IRENA pointed to deteriorating technology costs. Solar PV costs fell by 87 per cent over the last ten years, and onshore wind turbine prices by 46 per cent.
IRENA data shows that 60 per cent of new electricity access can be met by renewables in the next decade through stand-alone and mini-grid systems. The global energy transformation by 2030 could also lead to generation of 30 million jobs.
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