IRENA report outlines the potential of renewables

Analyses by the International Renewable Energy Agency (IRENA) have concluded that that NDC’s have not kept up with the rapid growth of renewables, with 1.3 TW of unexploited renewable power capacity now that the cost of renewables has gone down, costing $1.7 billion with an increase of 76% in NDC implementation if the agreements targets are to be achieved by 2030.

The rapid expansion of the renewables industry, alongside the newly achieved energy efficiencies, could achieve 90% emission reduction by 2050, while inciting growth and development in many world economies.

Better constructed NDC’s could build on the initial Paris agreements and help significantly to limit the global temperature rise, IRENA’s report finds.

“The case for renewable energy has strengthened considerably since parties first quantified the renewable energy components of their nationally determined contributions,” said Adnan Z. Amin, IRENA Director-General at a press conference for the Global Climate Action energy, water and agriculture thematic segment. “Since then, the increasing attractiveness of renewables as the lowest-cost source of new energy supply in countries around the world has fuelled unprecedented levels of deployment.

“As the global community prepares for a new round of climate negotiations under the Paris Agreement, it is critical we go in with a clear understanding of the trajectory required to avoid the worst effects of climate change,” continued Mr. Amin. “Our analysis finds that the convergence of innovation, falling costs and positive socioeconomic impacts of renewable energy – together with the climate imperative – make a compelling case for accelerating action.”