Renewable Power Generation Costs in 2020: IRENA

Renewable Power Generation Costs in 2020: IRENA

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

In news

• 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,