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Renewable Power Generation Costs in 2020: IRENA

  • IASbaba
  • June 26, 2021
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Renewable Power Generation Costs in 2020: IRENA

Part of: GS Prelims and GS -II – International Relations and GS III – Renewable Resources

In news

Key highlights of the report

  • 38% of the total global energy capacity now has higher operating costs than new utility-scale photovoltaics and onshore wind energy.
  • Replacing this expensive coal power with renewables will save operators USD 32 billion a year and reduce annual carbon dioxide emissions by around three billion tonnes.
  • The year 2020 was a record year for renewables deployment despite the Covid-19- pandemic, with 261 GW installed. 
  • Around 162 GW or 62% of total renewable power capacity added last year had lower costs than the cheapest new fossil fuel option.
  • The growth was due to:
    • advancements in technologies, 
    • consistent fall in component costs,
    • cost-competitive supply distribution channels,
    • learning by using 
    • commercial-scale availability.

Indian Initiatives for Renewable Energy:

About International Renewable Energy Agency

  • It is an intergovernmental organisation, officially founded in Bonn, Germany, in January 2009.
  • Currently it has 164 members, India is the 77th Founding Member of IRENA.
  • Headquarters: Abu Dhabi, UAE.
  • Major Functions:
    • It supports countries in their transition to a sustainable energy future, 
    • It promotes the widespread adoption and sustainable use of all forms of renewable energy, 

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