2021-07-03 21:10:10
#Environment
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Renewable power generation cost in 2020 report The International Renewable Energy Agency (IRENA) has published the 'Renewable Power Generation Costs in 2020' report
It showed that between 2000 and 2020, renewable power generation capacity worldwide increased 3.7-fold, from 754 gigawatts (GW) to 2799 GW, as their costs have fallen sharply
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Key points: In 2020, the global weighted-average levelized cost of electricity (LCOE) from new installed capacity of onshore wind and solar photovoltaics will decline.
Renewable power generation costs have fallen sharply over the past decade, driven by steadily improving technologies, economies of scale, competitive supply chains and improving developer experience.
Costs for electricity from utility-scale solar photovoltaics (PV) fell 85% between 2010 and 2020.
The cost of electricity from solar and wind power has fallen, to very low levels
Since 2010, globally, a cumulative total of 644 GW of renewable power generation capacity has been added with estimated costs that have been lower than the cheapest fossil fuel-fired option in each respective year.
world's existing coal-fired plants 38
percent of the total global energy capacity - now have higher operating costs than new utility-scale photovoltaics and onshore wind energy.
Replacing these coal-fired plants would cut annual system costs by USD 32 billion per year and reduce annual CO2 emissions by around 3 Gigatonnes of CO2.
Around 162 GW or 62 per cent of total renewable power capacity added last year had lower costs than the cheapest new fossil fuel option.
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Reason of cost decreased: Steadily improving technologies,
Economies of scale,
Competitive supply chains and
Improving the developer experience
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International Renewable Energy Agency (IRENA):
It is an intergovernmental organization
It was officially founded in Bonn, Germany, in January 2009
Currently, it has 164 members, India is the 77th Founding Member of IRENA.
It is mandated to facilitate cooperation, advance knowledge, and promote the adoption and sustainable use of renewable energy.
Headquarter: Masdar City, Abu Dhabi,UAE
It is an official United Nations observer.
SOURCE - DOWN TO EARTH
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