How renewables can decarbonise the energy sector and improve the lives of billions

According to the International Renewable Energy Agency’s (IRENA) REthinking Energy report, falling costs, driven by innovation in technology and policy is spurring renewable energy deployment and with it a myriad of socioeconomic benefits.

The publication demonstrates how global investment in renewables has steadily grown for more than a decade, rising from less than US$50b in 2004 to a record US$305b in 2015. In spite of the huge growth, current investment and deployment levels are making headway to meet international carbon reduction targets.

The report reveals the innovations, policy and finance driving further investment in sustainable energy system, including the following:

• Renewable energy auctions are gaining popularity in developed and developing countries, generating record-breaking low energy prices;
• Demand for battery storage is increasing rapidly and playing a larger part in integrating variable renewables;
• New capital-market instruments are helping increase available finance by offering new groups of investors access to investment opportunities;
• Institutional investors are moving into renewable energy as it offers stable returns over the long term;
• New business models promise new ways to finance renewable energy.

For more information IRENA’s REthinking Energy report, see full article.