Published: Thu, January 16, 2020
Sci-tech | By Patricia Wade

IRENA urges doubling the share of renewables to achieve energy transition objectives

IRENA urges doubling the share of renewables to achieve energy transition objectives

Electricity from renewable sources, mainly solar and wind, will supply 57 per cent of global power by the end of the current decade, up from just 26 percent now, IRENA said.

The EBRD is a pioneer in financing projects promoting renewable energy and combatting climate change, and has become the largest renewable energy investor in its regions of Central and Eastern Europe, Central Asia and the Southern and Eastern Mediterranean. 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". The Energy Minister said she proposed to director La Camera to support Albania's future plans in renewable energy, through innovative projects such as floating solar panels, which have been successfully piloted in several countries.

The Agency notes that much of the needed investment for renewable energy can be met by redirecting planned fossil fuel investment.

It estimated as much as Dollars 10 trillion worth of investments are planned in non-renewables-related energy projects by 2030, risking failure to meet the goals of fighting global warming. "We started having $50 billion investment at the start of the decade, now it is $330 billion and hope to achieve $750 billion goal [by 2030]", he told reporters during the 10th annual assembly of Irena.

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Additional investments bring significant external cost savings, including minimising losses caused by climate change as a result of inaction, IRENA added. "We know it is possible...but we must all move faster". Savings could amount to between United States dollars 1.6 trillion and USD 3.7 trillion annually by 2030, three to seven times higher than investment costs for the energy transformation.

Falling technology costs continue to strengthen the case for renewable energy, the agency said.

A project will receive an ADFD loan of US$20 million to install 8.5 MW of solar PV capacity, supported with 2 MW of energy storage, in Isla de la Juventud. The cost of photo-voltaic solar power and wind energy could be consistently cheaper than conventional supplies by 2030, with the two renewable technologies meeting a third of global electricity needs, it said.

The Facility supports developing countries in securing low-priced capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development on the ground. Off-grid renewables have emerged as a key solution to expand energy access and now deliver access to around 150 million people. IRENA data shows that 60% of new electricity access can be met by renewables in the next decade through stand-alone and mini-grid systems.

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