Power
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A NEW report, “REthinking Energy 2017” that was released, recently, at the seventh International Renewable Energy Agency, IRENA, Assembly, says falling costs, driven by innovation in technology and policy, is spurring renewable energy deployment and with it a myriad of socioeconomic benefits. IRENA is mandated to be the global hub for renewable energy cooperation and information exchange by 150 members (149 States and the European Union). 27 additional countries are in the accession process and actively engaged.
IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity. REthinking Energy, now in its third edition, was released last Sunday at the seventh Assembly of the IRENA, held in Abu Dhabi, U.A.E., from January 14 to 15.
The Assembly is the Agency’s ultimate decision-making authority and Nigeria was represented at the meeting by Ogbonaya Onu, minister of science and technology. “Renewables are gaining ground by nearly every measure. Accelerating the pace of the energy transition and expanding its scope beyond the power sector will not only reduce carbon emissions, it will improve lives, create jobs, achieve development goals, and ensure a cleaner and more prosperous future,” said IRENA Director-General Adnan Z. Amin.
The publication highlights how global investment in renewables has steadily grown for more than a decade, rising from less than USD 50 billion in 2004 to a record USD 305 billion in 2015. Despite this enormous growth, current investment and deployment levels are making headway to meet international carbon reduction targets.
“As we advance deeper into a new energy paradigm, we need to pick-up the pace of our decarbonisation efforts. Policies and regulations continue to remain crucial to this end and to develop the renewables market,” explained Amin. “We are seeing more and more countries hold auctions to deploy renewables, and as variable and distributed sources of renewables take-on a greater role, regulators have implemented changes to enable grid integration at scale. Heating and cooling, and the potential of renewables for transport, are areas where future efforts are needed.”
It provides insights on the innovations, policy and finance driving further investment in sustainable energy system, including that: Renewable energy auctions are gaining popularity in developed and developing countries, generating record-breaking low energy prices; Demand for battery storage is increasing rapidly and playing a larger part in integrating variable renewables; New capital-market instruments are helping increase available finance by offering new groups of investors access to investment opportunities; Institutional investors are moving into renewable energy as it offers stable returns over the long term; and New business models promise new ways to finance renewable energy.
The report said solar PV will grow the fastest in terms of capacity and output, and new ways to store electricity will be a game changer for growing variable renewable energy generation. IRENA estimates that battery storage for electricity could increase from less than 1 GW today to 250 GW by 2030.
Off-grid renewables provide electricity to an estimated 90 million people worldwide, and enable people to climb the energy ladder. They are cost-effective and can be installed in modular fashion, linked to grid extension plans. REthinking Energy describes how off-grid solutions can provide modern energy access to hundreds of millions of more people and achieve development goals.
“Achieving universal electricity access by 2030, will require us to boost global power generation — nearly 60 per cent of that will have to come from stand-alone and mini-grid solutions,” said Amin. “Meeting this aim with off-grid renewables depends on the right combination of policies, financing, technology and institutional capacity. Making needed changes and accelerating deployment will allow countries to address global issues in sustainability, education, gender equality, health, water and food.”
REthinking Energy was released at IRENA’s seventh Assembly, which this is gathering 75 ministers from over 150 countries, to advance the global renewable energy agenda and make concrete steps to accelerate the global energy transformation.
The Assembly brought together energy leaders to set the global renewable energy agenda and take concrete action to accelerate the ongoing global energy transition. “2016 was a remarkable year for renewable energy. The falling costs of solar and wind power in markets around the world highlight the increasing cost-competitiveness of renewable energy which has become the preferred option for new power generation capacity in many countries around the world,” said IRENA Director-General Adnan Z. Amin.
“In addition, innovations in technology and new business models are bringing renewable solutions to people who previously had no access to energy. These developments, coupled with the entry into force of the Paris Agreement and the implementation of the 2030 Agenda for Sustainable Development, underscore growing momentum for renewable energy and give fresh impetus to the case for transitioning to a sustainable energy future. Efforts now need to turn to scaling-up renewables in end-use sectors such as transportation, industry, and heating and cooling.”
— Jan 30, 2017 @ 01:00 GMT
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