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According to a report released today by the International Renewable Energy Agency, the collapse in the cost of renewable energy marks a turning point in the global transition to low-carbon energy, with new solar or wind farms becoming cheaper
than operating existing coal-fired power plants.
International renewable?? The Energy Agency (IRENA) said that renewable energy is attractively priced relative to fossil fuel power generation and can help governments recover from the impact of the coronavirus pandemic
.
Francesco La Camera, director general of IRENA, said in a statement: "We have reached an important turning point
in the energy transition.
”
While scientists say the world needs to step up to mitigate the worst impacts of climate change, the Abu Dhabi-based agency's annual report shows that wind and solar are increasingly competitively
priced.
The report found that more than half of the new renewable generation in 2019 cost less than the cheapest new coal-fired power plants
.
The tender results also show that the average cost of building new solar PV and onshore wind is now lower than what is needed to keep many existing coal-fired power plants running, strengthening the case
for phasing out coal, the report said.
The study also calculates that by replacing the most expensive 500 GW of coal-fired power generation with onshore wind and solar PV, the world could save up to $23 billion a year in power system costs, most of it in China, India, Ukraine, Poland, South Korea, Japan, Germany and the United States
.
Not only that, but this shift will also reduce global CO2 emissions by about 5%
of total CO2 emissions in 2019.
Existing coal capacity of up to 1,200 GW could be more expensive
by 2021 than building new utility-scale solar PV farms, the report argues.
According to a report released today by the International Renewable Energy Agency, the collapse in the cost of renewable energy marks a turning point in the global transition to low-carbon energy, with new solar or wind farms becoming cheaper
than operating existing coal-fired power plants.
International renewable?? The Energy Agency (IRENA) said that renewable energy is attractively priced relative to fossil fuel power generation and can help governments recover from the impact of the coronavirus pandemic
.
Francesco La Camera, director general of IRENA, said in a statement: "We have reached an important turning point
in the energy transition.
”
While scientists say the world needs to step up to mitigate the worst impacts of climate change, the Abu Dhabi-based agency's annual report shows that wind and solar are increasingly competitively
priced.
The report found that more than half of the new renewable generation in 2019 cost less than the cheapest new coal-fired power plants
.
The tender results also show that the average cost of building new solar PV and onshore wind is now lower than what is needed to keep many existing coal-fired power plants running, strengthening the case
for phasing out coal, the report said.
The study also calculates that by replacing the most expensive 500 GW of coal-fired power generation with onshore wind and solar PV, the world could save up to $23 billion a year in power system costs, most of it in China, India, Ukraine, Poland, South Korea, Japan, Germany and the United States
.
Not only that, but this shift will also reduce global CO2 emissions by about 5%
of total CO2 emissions in 2019.
Existing coal capacity of up to 1,200 GW could be more expensive
by 2021 than building new utility-scale solar PV farms, the report argues.
