The International Renewable Energy Agency has issued a new report discussing the renewable power market and climate change.
The report Renewable Power Generation Costs in 2018 states that:
- Renewable power is the cheapest source of energy in many parts of the world to date
- The cost advantage of renewable power will extend further as prices for renewables continue to decline
- The cost for renewables decreased to a record low in 2018 with solar energy declining by 26%, bioenergy by 14%, solar pv and onshore wind by 13%, hydropower by 12% and geothermal and offshore wind by 1% respectively. Solar pv in Chile, Mexico, Peru, Saudi Arabia, and the UAE is as low as $0.03/kWh
- Over 75% of onshore wind and solar pv capacity to be commissioned in 2020 will produce power at lower prices than the cheapest new coal, oil or natural gas options, even with no financial assistance
- Electrification is the backbone of the energy transformation and a key low-cost decarbonisation solution in support of climate goals
Francesco La Camera, Director-General at IRENA, said: “Renewable power is the backbone of any development that aims to be sustainable.
“We must do everything we can to accelerate renewables if we are to meet the climate objectives of the Paris Agreement. Today’s report sends a clear signal to the international community: Renewable energy provides countries with a low-cost climate solution that allows for scaling up action. To fully harness the economic opportunity of renewables, IRENA will work closely with our members and partners to facilitate on-the-ground solutions and concerted action that will result in renewable energy projects.”