Costs of PV plants: - 83% within a decade
As COVID-19 hits the fossil fuel industry, a new report shows that renewable energy is more cost-effective than ever – providing an opportunity to prioritize clean energy in economic recovery packages and bring the world closer to meeting the goals of the Paris Agreement. [...]
“The chorus of voices calling on governments to use their COVID-19 recovery packages to create sustainable economies is growing,” said Inger Andersen, Executive Director of UNEP. “This research shows that renewable energy is one of the smartest, most cost-effective investments they can make in these packages.”
Investing in renewables to fight adevrsities
“If governments take advantage of the ever-falling price tag of renewables to put clean energy at the heart of COVID-19 economic recovery, they can take a big step towards a healthy natural world, which is the best insurance policy against global pandemics,” Andersen said.
Renewable energy has been eating away at fossil fuels’ dominant share of electricity generation over the last decade. Nearly 78 per cent of the net new GW of generating capacity added globally in 2019 was in wind, solar, biomass and waste, geothermal and small hydro. Investment in renewables, excluding large hydro, was more than three times that in new fossil fuel plants.
“Renewables such as wind and solar power already account for almost 80 per cent of newly built
capacity for electricity generation,” said Svenja Schulze, Minister of the Environment,
Nature Conservation and Nuclear Safety, Germany. “Investors and markets are convinced of their
reliability and competitiveness.”
“The promotion of renewables can be a powerful engine for the recovery of the economy after the
Coronavirus crisis, creating new and secure jobs,” she added. “At the same time,
renewables improve air quality thus protecting public health.
By promoting renewable energies within the framework of Coronavirus economic
stimulus packages, we have the opportunity to invest in future prosperity, health and
climate protection.”
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2019 and its records
- The highest solar power capacity additions in one year, at 118 GW.
- The highest investment in offshore wind in one year, at USD 29.9 billion, up 19 per cent year-on-year.
- The largest financing ever for a solar project, at USD 4.3 billion for Al Maktoum IV in the United Arab Emirates.
- The highest volume of renewable energy corporate power purchase agreements, at 19.5GW worldwide.
- The highest capacity awarded in renewable energy auctions, at 78.5GW worldwide.
- The highest renewables investment ever in developing economies other than China and India, at USD 59.5 billion.
- A broadening investment, with a record 21 countries and territories investing more than USD 2 billion in renewables.
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