In recognition of their shared objectives to increase the uptake of renewable energy, the International Renewable Energy Agency (IRENA) and the International Hydropower Association (IHA) have signed a formal partnership agreement.
Hydropower is the world’s largest source of renewable energy, contributing over half of the global renewable energy installed capacity, and directly employing around two million people.
The agreement sets out IRENA’s and IHA’s joint ambition to accelerate the development, financing, and deployment of sustainable hydropower. This will involve future policy and market initiatives aimed at better rewarding hydropower for the clean storage and flexibility services it provides to the energy system. Cooperation will facilitate public-private dialogue, strengthen international cooperation and promote sustainable hydropower through the development and dissemination of knowledge.
Francesco La Camera, Director-General of IRENA, said: “IRENA’s Global Renewables Outlook estimates that an additional 850 GW of hydropower is required by 2050 for the world to stay on a climate-safe track in line with the Paris Agreement. There is, therefore, an urgent need to boost sustainable hydropower.”
“The Covid-19 crisis has shown beyond doubt the unique flexibility and resilience provided by hydropower compared with other energy sources”, he added. “IRENA has always considered hydropower an essential and central element of the renewables power mix.”
Recognising the important role of hydropower in the clean energy transition, IRENA’s recently published Post-COVID Recovery Agenda recommends a 150 percent increase in sustainable hydropower investments from USD 22 billion to USD 55 billion per year to 2030 to support the recovery and accelerate the energy transition.
Eddie Rich, Chief Executive of IHA, said: “IRENA is the leading agency for the global advancement of renewable energy. We are delighted that it has recognised the essential role that sustainable hydropower will play to meet the climate change commitments set out in the Paris Agreement and Sustainable Development Goal (SDG) 7.”
Partnership activities will be focused on the development and sharing of knowledge, data, and best practices.
