IRENA's new data indicates that renewables added 176GW of generating capacity globally in 2019, marginally lower than the (revised) 179GW added in 2018.
Battery storage could enable a greater feed-in of renewables into the grid by storing excess generation and by firming renewable energy output.
In the current market situation, oil market volatility is unlikely to have a significant impact on RE plans and investments says Francesco La Camera.
Finance and Policy
To allocate enough capital to drive the world’s transition to a low-carbon economy, a set of financial solutions need to be developed such as green bonds.
A landmark initiative, which provides renewable energy developers with a unique investment forum has now entered an operational phase.
Green hydrogen could offer alternative ways to decarbonise a range of sectors where it is proving difficult to reduce CO2 emissions meaningfully.
IRENA has signed a MoU with the United Arab Emirates (UAE) Ministry of Energy and Industry, to cooperate in the field of renewable energy and drive an accelerated shift to low-carbon energy sources.
IRENA has signed an agreement with Cassa Depositi e Prestiti (CDP) aimed at fostering joint initiatives to promote the transition to renewable energy in developing countries.
Despite the fall in the cost of PV technology, transaction costs remain high but open source solar contracts are set to make contracting cost-efficient.