EBRD, IRENA agree to rapidly increase share of renewables

Katie Ramirez
January 16, 2020

13 de enero de 2020, 14:53Abu Dhabi, Jan 13 (Prensa Latina) Electricity generation from renewable sources could reach 57% of total global energy by the end of this decade, compared to the current 26%, a specialized source forecast.

Peak oil projections have been proven false and consumption is growing according to the International Energy Agency's (IEA) latest projections.

The report charts recent global advances and outlines the measures still needed to scale up renewables.

With a mandate from countries around the world, IRENA encourages governments to adopt enabling policies for renewable energy investments, provides practical tools and policy advice to accelerate renewable energy deployment, and facilitates knowledge sharing and technology transfer to provide clean, sustainable energy for the world's growing population.

Close to $10-trillion of non-renewables-related energy investments are planned to 2030, which Irena says "risks stranded assets and increasing the likelihood of exceeding the world's 1.5 ºC carbon budget this decade".

"The agency's data shows that annual renewable energy investment needs to double from around Dollars 330 billion today to close to USD 750 billion to deploy renewable energy at the speed required", it said in a report.

IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity.

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Additional investments bring significant external cost savings, including minimising significant losses caused by climate change as a result of inaction.

It said savings could amount to between $1.6 trillion and $3.7 trillion a year by 2030.

IRENA General Manager Francesco La Camera told reporters on the sidelines of his annual meeting in Abu Dhabi that renewable energy programs should be stepped up.

The falling costs of renewable energy has greatly enhanced its contribution. "Balancing the energy produced from hydro sources with the energy produced by solar and wind is the main goal of diversifying renewable resources in our country", Minister Balluku during the meeting.

The two technologies could cover over a third of global power needs, IRENA said.

"We know it is possible", La Camera notes, emphasising that "we must all move faster".

The agency said its data shows that 60% of new electricity access can be met by renewables in the next decade with stand-alone and mini-grid systems providing the means for nearly half of new access.

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