The agency’s data revealed that annual renewable energy investments need to go from 330 billion USD to 750 billion USD, almost double, to meet the demand for renewable energy. The needed investment can be met if planned fossil fuel development is redirected. Almost 10 trillion USD of non-renewables related energy investments are planned to 2030.
IRENA Director-General Francesco La Camera commented:
We have entered the decade of renewable energy action, a period in which the energy system will transform at unparalleled speed, adding, To ensure this happens, we must urgently address the need for stronger enabling policies and a significant increase in investment over the next 10 years. Renewables hold the key to sustainable development and should be central to energy and economic planning all over the world.
Renewable energy solutions are affordable, readily available and deployable at scale. To advance a low-carbon future, IRENA will further promote knowledge exchange, strengthen partnerships and work with all stakeholders, from private sector leaders to policymakers, to catalyse action on the ground. We know it is possible, he concluded, but we must all move faster.
The decrease in cost for renewable energy technology continues to work in favour of IRENA. One example is the price of solar PV that has fallen by almost 90% over the last 10 years. Another example is onshore wind turbine prices that have fallen by half. The end of this decade could see energy such as solar PV and wind outperforming traditional energy in pricing. With the technologies having the capability to cover over a third of global power needs.
The expansion in the use of these renewable green energy methods is a vital tool in closing the energy access gap and key to sustainable development goals. Off-grid renewable energy has become a key factor in the solution to expand energy access and deliver access to roughly 150 million people. IRENA data has revealed that 60% of electricity access requirements can be met by renewables in the next decade.
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