According to the International Renewable Energy Agency (IRENA) the share of renewables in global power should more than double by 2030 to advance the global energy transformation, achieve sustainable development goals and create a clear pathway to climate safety. Moreover, renewable electricity should supply 57 percent of global power by the end of the decade, up from 26 percent today.
During the organization 10th Assembly, a new publication - 10 Years: Progress to Action, was produced and presented where the organization charts recent global advances and outlines the measures still needed to scale up renewables. The Agency’s data shows that annual renewable energy investment needs to double from around USD 330 billion today, to close to USD 750 billion to deploy renewable energy at the speed required. Much of the needed investment can be met by redirecting planned fossil fuel investment. Close to USD 10 trillion of non-renewables related energy investments are planned to 2030, risking stranded assets and increasing the likelihood of exceeding the world’s 1.5-degree carbon budget this decade.
Additional investments bring significant external cost savings, including reducing significant losses caused by climate change as a result of inaction. Savings could amount to between USD 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. IRENA points out that solar PV costs have fallen by almost 90 percent over the last 10 years and onshore wind turbine prices have fallen by up half in that period. By the end of this decade, solar PV and wind costs may consistently outcompete traditional energy. The two technologies could cover over a third of global power needs.
Renewables can become a critical tool in closing the energy access gap, a key sustainable development goal. Off-grid renewables have emerged as a key solution to expand energy access and now deliver access to around 150 million people – the organization highlights.
For access to the press release IRENA’s 10thAssembly, please, follow the link.