IRENA: Renewables remain price-competitive amid fossil fuel crisis

Nearly two-thirds of new renewable energy added in 2021 cost less than the cheapest of the G20 countries, according to a new report from IRENA Coal-fired energy cost of electricity

Nearly two-thirds or 163 gigawatts (GW) of new renewable energy capacity added in 2021 will cost less than the G20 world, according to the International Renewable Energy Agency's (IRENA) 2021 Renewable Energy Generation Costs report.

A new report from IRENA confirms the critical role that price-competitive renewables play in addressing today's energy and climate emergency, namely an accelerated transition to the 1.

Francesco La Camera, Director General of IRENA, said: “Renewable energy is by far the cheapest energy source and 2022 is a stark example of the economic viability of new renewable energy generation

“While the current situation may require a temporary response to the crisis, in the medium to long term, the pretext for softening climate targets is untenable

As IRENA's cost data underscores, renewable energy investments continue to generate strong returns in 2022

High coal and fossil gas prices in 2021 and 2022 will also severely reduce the competitiveness of fossil fuels, making solar and wind more attractive

The European example shows that the fuel and CO costs of existing gas-fired power plants in 2022 may be on average four to six times higher than the lifetime costs of new solar PV and onshore wind commissioned in 2021

　　As for the supply chain, IRENA data suggests that not all material cost increases have translated into equipment prices and project costs