Renewable Power Generation Costs in 2020: IRENA
Part of: GS Prelims and GS -II – International Relations and GS III – Renewable Resources
- Recently, the International Renewable Energy Agency (IRENA) released the ‘Renewable Power Generation Costs in 2020’ report.
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:
- Hydrogen Energy Mission.
- Jawaharlal Nehru National Solar Mission (JNNSM).
- International Solar Alliance.
- PM- KUSUM.
- National Wind-Solar Hybrid Policy.
- Rooftop Solar Scheme.
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,