How Much Savings Have Renewable Energy Sources (Oze) Generated Over The Course Of Two Decades?

According to a report published by the International Renewable Energy Agency (IRENA), global deployments of renewable sources have brought about $520 million in savings to the world’s energy sector (since 2000).

Between 2010 and 2022, solar and wind energy became competitive with fossil fuels in terms of production costs (even without financial support). The global weighted average cost of electricity from photovoltaics decreased by 89 percent to $0.049 USD/kWh. This is approximately 30% less than the cheapest fossil fuels in the world. For onshore wind energy, the cost dropped by 69 percent to $0.033 USD/kWh.

Renewable Energy Savings – a breakthrough year in 2022

According to the statement by IRENA’s Director-General, Francesco La Camera, the agency sees 2022 as a true turning point in the deployment of renewable energy sources because their cost competitiveness reached a record level despite ongoing inflation in commodity prices worldwide.

Thanks to renewable energy sources, many countries have demonstrated resilience to inflation and rising prices of conventional fuels.

No time for Gradual Transformation

According to the Paris Agreement, the primary climate goal is to “keep the global average temperature rise well below 2°C above pre-industrial levels” and to strive for efforts “to limit the temperature increase to 1.5°C.”

IRENA’s Director-General stated that to achieve this, it is necessary to globally deploy an average of 1000 GW of renewable energy annually by 2030. The report also emphasized the role of renewable energy sources in reducing CO2 emissions.

Source: IRENA