Renewables maintain their cost leadership in global power markets, IRENA’s new report on Renewable Power Generation Costs in 2024 confirms.  

2024 marks a pivotal moment in the global energy transition as renewable energy surges to unprecedented heights. Yet, despite the remarkable progress, the pace of change remains insufficient to meet the ambitious goal of tripling renewable energy capacity by 2030

A quiet revolution is happening on the streets of Colombo, Sri Lanka. There is a new type of public transport running around the city. Locally known as tuk-tuks, these three-wheelers are no stranger to Sri Lankans, but these ones look quite different.

Renewables remain competitive despite fossil fuel prices returning closer to historical cost levels, concludes Renewable Power Generation Costs in 2023, released by the International Renewable Energy Agency (IRENA) at the Global Renewables Summit during the UN General Assembly in New York today.

The International Renewable Energy Agency (IRENA), in partnership with the Indian G20 Presidency, launched a new report on how low-cost finance can accelerate the energy transition.

New IRENA report shows almost two-thirds of renewable power added in 2021 had lower costs than the cheapest coal-fired options in G20 countries.

An overview of renewable energy costs based on the Renewable Power Generation Costs in 2021 report.

Green hydrogen trade can provide a low-cost alternative that diversifies energy imports and improves energy security, says new IRENA report.

Australian residential solar photovoltaic (PV) systems now have some of the lowest costs in the world, encouraging households to invest in rooftop solar PV at a time of rising energy prices.

Europe has vast renewables potential which can supply the bulk of its energy needs in a fully decarbonised energy system.

IRENA analysis shows region can pursue more ambitious energy transition agenda, gaining cost benefits while achieving socio-economic and climate objectives.

Outdated perceptions of the costs of clean energy remain a major barrier to the energy transition. Despite the dramatic fall in prices across these technologies, the dialogue surrounding “cheap” fossil fuels and “expensive” renewable energy endures, and must be changed.

Report suggests need for comprehensive policy framework towards an African Green Deal to overcome structural dependencies, raise GDP by 6.4% and create 26 million jobs by 2050.