IRENA presented innovation pathway to renewable energy growth at G20

The G20 group of countries, whose members represent nearly 80 percent of global energy consumption and hold 75 percent of global renewables deployment potential by 2030, are well positioned to lead the global energy transformation.

The group has shown a growing commitment to collaborate on climate and energy issues and to address challenges regarding energy security and productivity, environmental protection, and economic growth underpinned by the transition to renewables.

To further support and accelerate the shift, IRENA’s Director-General Francesco La Camera presented G20 ministers a series of innovation-led solutions to integrate higher shares of renewable energy into power systems. During its ‘Ministerial Meeting on Energy Transitions and Global Environment for Sustainable Growth’ in Karuizawa, Nagano Prefecture, Japan that took place on June 15-16 IRENA built on its well established position as an important contributor to the G20 decarbonisation discussion, by further championing the growing environmental and economic cases for the widespread adoption of renewable energy, a sector which now employs over 11 million people globally.

IRENA’s new cost data shows that by next year, onshore wind and solar PV will be a less expensive source of new electricity than the cheapest fossil fuel alternative.

The Director-General outlined to G20 ministers that renewables, together with energy efficiency, can deliver 90 percent of energy-related emissions reductions needed to keep global temperature increases well below 2° Celsius in line with the Paris Climate Agreement goals. To do so, electricity must become the dominant energy carrier. Electricity must supply half of the total final energy by 2050. Renewable electricity accounting for 86 percent of that.

IRENA’s Solutions to Integrate High Shares of Variable Renewable Energy report, published and presented at the request of this year’s G20 president, highlights key action areas to scale up variable renewable energy power generation in G20 countries. Three key areas include the need for:

• Enabling frameworks for long-term energy system planning, holistic policy-making, and coordinated approaches across sectors and countries.
• Fostering systemic innovation, both in technologies, and market design, operational practices and business models.
• Unlocking investments and strengthening partnerships with the private sector.

Original source: IRENA
Published on 14 June 2019