Replacing the cost of 500 GW of coal with solar and wind farms next year will reduce carbon emissions by about 1.8 gigatonnes, equivalent to 5 percent of CO2 emissions in 2019.
A new report from the International Solar Energy Center (IRENA) states that renewable electricity generated from new solar and wind farms will cost less than the electricity produced by most existing coal power plants in the world, on average, new solar photovoltaic (PV and Onshore).
The cost of wind power is low compared to keeping many existing coal plants operating, and auction results accelerate this trend - fully strengthening the case on phase-out coal. Next year, up to 1,200 gigawatts (GW) of existing coal capacity may cost more to operate. New utility-scale solar PV costs, "the report said.
The report noted that carbon emissions were reduced by about 1.8 gigatons next year, replacing the cost of 500 GW coal power plants with solar and wind farms, which is equivalent to 5 percent of CO2 emissions in 2019.
It could also reduce the cost of the electricity system. $ 23 billion every year. IRENA said it would provide an investment incentive of $ 940 billion, which would help the global GDP Equals about 1 percent.
"Renewable energy is increasingly the cheapest source of new electricity, providing the tremendous potential to stimulate the global economy and get people back to work. Renewable investments provide stable, cost-effective and attractive and sustained and predictable returns, benefiting the broader economy." Francesco la Camara, Director-General of IRENA.
He said that renewable short-term policy action could be combined with medium and long-term energy and climate goals that would ultimately promote green recovery. Improvements in technologies, economies of scale, Driven by increasingly competitive supply chains and the increasing experience of the developer, renewable electricity costs have fallen significantly over the past decade.
Since 2010, utility-scale solar PV power has shown the fastest cost drop of 82%. Focusing on solar power (CSP) declined by 47 percent, onshore wind and offshore wind fell 40 percent and 29 percent respectively. While electricity costs from utility-scale solar PV fell 13 percent in 2019. , Both onshore and offshore wind declined by about 9 percent.
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