Even the most efficient and cheapest coal projects around the world cannot compete with renewable energy projects.
That is the International Renewable Energy Agency (IRENA) finding that released a report that showed that 62 per cent of renewable energy projects installed in 2020 would produce more affordable power than any coal project in the world.
The report covered wind and solar installation and showed that new renewable energy sources could undercut the cost of up to 800GW of coal plants, which is enough to power the UK ten times over.
IRENA director-general Franceso La Camera said this latest research proved that the world was far beyond the tipping point of coal.
“Today renewables are the cheapest source of power,” he said.
“Renewables present countries tied to coal with an economically attractive phase-out agenda that ensures they meet growing energy demand, while saving costs, adding jobs, boosting growth and meeting climate ambition.”
The Renewable Power Generation Costs in 2020 report also showed that costs for renewable technologies were continuing to plummet year on year. From 2019 to 2020, concentrated solar power fell 16 per cent, onshore wind 13 per cent, offshore wind 9 per cent and solar PV 7 per cent.
IRENA calls for global solidarity in the transition to renewable energy sources
The most recent Group of Seven (G7) summit in Cornwall in the United Kingdom saw global leaders pledge to accelerate renewable energy technologies and the transition away from fossil fuels like coal and gas.
The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States and this year, delegates from the European Union and Australian Prime Minister Scott Morrison were included.
The group met from June 11-13 and released a document called Our Shared Agenda for Global Action to Build Back Better, which outlined their plans to phase out coal. While Australian PM Scott Morrison backed the agreement, he did not give a deadline on when our country will achieve carbon net-zero.
Mr La Camera was encouraged by the G7 announcement and has now called on other nations to join them in the pledge.
“Following the latest commitment by G7 to net-zero and stop global coal funding abroad, it is now for G20 and emerging economies to match these measures,” he said.
“We cannot allow having a dual-track for energy transition where some countries rapidly turn green, and others remain trapped in the fossil-based system of the past.
“Global solidarity will be crucial, from technology diffusion to financial strategies and investment support. We must make sure everybody benefits from the energy transition.”
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