Tag: IRENA

Renewables maintain their cost leadership in global power markets, IRENA’s new report on Renewable Power Generation Costs in 2024 confirms. The report confirms that renewables maintained their price advantage over fossil fuels, with cost declines driven by technological innovation, competitive supply chains, and economies of scale. In 2024, solar photovoltaics (PV) were, on average, 41% cheaper than the lowest-cost fossil fuel alternatives, while onshore wind projects were 53% cheaper. Onshore wind remained the most affordable source of new renewable electricity at USD 0.034/kWh, followed by solar PV at USD 0.043/kWh.…

The outgoing G20 President Brazil has invites IRENA to serve as the Secretariat of the Global Coalition on Energy Planning (GCEP). At a time when developing countries need to increase clean energy investments six-fold to meet global climate goals, Brazil’s Minister of Mines and Energy, Alexandre Silveira De Oliveira, officially handed over the invitation to IRENA’s Director-General Francesco La Camera during the side event “Global Coalition for Energy Planning – Shaping the Agenda for Action” today ahead of the 15th IRENA Assembly. The establishment of GCEP was announced by the…

2023 saw the highest ever increase in renewable energy jobs, from 13.7 million in 2022 to 16.2 million, according to the newly released Renewable Energy and Jobs – Annual Review 2024 by the International Renewable Energy Agency (IRENA) and the International Labour Organization (ILO). The 18% year-on-year leap reflects the strong growth of renewables generating capacities, together with a continued expansion of equipment manufacturing. A closer look at the report’s data, however, shows an uneven global picture. Close to two-thirds of new global solar and wind capacity were installed in…

The International Renewable Energy Agency (IRENA) has established that the course to achieve the UAE Consensus energy target remains off track due to persistent structural barriers including a notable shortfall in investment. Although global investment in energy transition technologies reached a new record of USD 1.3 trillion in 2022, it is insufficient to bring about 11.2 Terawatts by 2030 pledged by countries last year. By contrast, fossil fuel capital investments were almost twice those of renewables investments in the same year. With the commitment to triple renewable power generation capacity…