Renewable Energy Is Now The Cheapest Option – Even Without Subsidies
May 19, 2021 at 7:05 AM - Views: 5 #424123eridaniParticipant
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Among other findings the IRENA report highlights that:
—Onshore wind and solar PV power are now, frequently, less expensive than any fossil-fuel option, without financial assistance.
—New solar and wind installations will increasingly undercut even the operating-only costs of existing coal-fired plants.
—Low and falling technology costs make renewables the competitive backbone of energy decarbonization – a crucial climate goal.
As the data depicts, ridding the world of fossil fuels and eliminating the impact of climate change relies on championing the adoption of renewables, a roadmap that requires a concerted effort from businesses, governments, and individuals. Sustainable energy continues to be a key priority for the United Nations, which includes energy in its Sustainable Development Goals (SDGs). The SDG 7 champions renewable energy adoption for the entire world, requiring governments to “ensure access to affordable, reliable, sustainable, and modern energy for all”.
For many years, financing entities perceived renewables as risky because of high cost, leading to high lending rates for individuals and businesses that need funding for renewable power generation. As the IRENA report depicts, this trend has been on the decline since the early 2000s. The worldwide weighted average cost of electricity from solar power concentration fell by 26%, that of bioenergy reduced by 14%, solar photovoltaics, geothermal, onshore, as well as offshore wind, fell by 14%, and hydropower by 12%.
These new statistics demonstrate that using renewable energy is increasingly cost-effective compared to other sources, even when renewables must compete with the heavily-subsidized fossil fuel industry . Promising signs in the IRENA report show that more an increasing number of corporates are entering the renewable energy industry as the number of Power Purchase Agreements (PPAs) rise, meanwhile more than 10 million people are now employed in the global renewable energy industry.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
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