Renewable Energy Is Cheaper!
No more excuses for using Fossil Fuels When There Is A Cheaper and More Sustainable Alternative.
Renewables are becoming more and more competitive in the energy landscape. The data from the IRENA Renewable Cost Database shows cost declines continued in 2020, with the cost of electricity from utility-scale solar photovoltaics (PV) falling by 7% year-on-year, offshore wind falling by 9%, onshore wind by 13%, and that of concentrating solar power (CSP) by 16%.
The decade 2010 to 2020 saw a dramatic improvement in the competitiveness of solar and wind power technologies. Between 2010 and 2020, the cost of electricity from utility-scale solar photovoltaics (PV) fell by 85%, followed by concentrating solar power (CSP; 68%), onshore wind (56%), and offshore wind (48%). The last decade has seen CSP, offshore wind, and utility-scale solar PV all join onshore wind in the cost range for new capacity fired by fossil fuels when calculated without the benefit of financial support. Indeed, the trend is not only one of the renewables competing with fossil fuels, but significantly undercutting them.
This is not just the case where new generating capacity is required. The analysis in this report shines a spotlight on how even existing coal plants are increasingly vulnerable to being undercut by new renewables. Indeed, our analysis suggests that up to 800 gigawatts (GW) of existing coal-fired capacity could be economically replaced by new renewables capacity, saving the electricity system up to USD 32 billion per year and reducing carbon dioxide (CO2) emissions by up to 3 gigatonnes (Gt) CO2. This would provide 20% of the emissions reduction needed by 2030 for the 1.5°C climate pathway outlined in IRENA’s World Energy Transitions Outlook. There is no room for these coal assets to be part of the energy future, retrofitting with carbon capture and storage would only increase costs. While the flexibility to integrate very high shares of renewables will come from other, cheaper sources, IRENA has identified 30 options that can be combined into comprehensive solutions in the report Innovation landscape for a renewable-powered future.
Below are the infographics of the dropping cost of producing renewable energy.
Opportunities For Young Entrepreneurs to Develop Renewable Energy Technologies
Now is the time for innovative youths to devise renewable sources of energy to help reduce the use of fossil fuels in their local communities.
With the COP27 resolutions of more climate finance to Africa, it is cardinal that the African youth dedicate their efforts to devising localized solutions to climate and energy problems in their communities. Remember, CHANGE STARTS WITH YOU! BE THE CHANGE YOU WANT TO SEE.
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