Renewable energy ‘is most competitive power source’

A new report by the International Renewable Energy Agency (Irena) has shown that renewable energy is the most competitive source of power.

ABU DHABI // Renewable energy is the most competitive source of power, according to a new report by the International Renewable Energy Agency.

Dr Sultan Al Jaber, the Minister of Energy, said that was the message the industry, government and media had to be the most vocal about.

“Among these findings, what really sparked me and what I would like to highlight is one game-changing fact,” he said at the launch in Abu Dhabi on Sunday of Irena’s first institutional publication, REthinking Energy.

“On a purely economic basis, renewable energy is now the most competitive source of power for a large portion of this world.”

The report highlights the energy landscape and analyses major dynamics under way. It is the product of four years of research, analysis and engagement by Irena with other countries.

“The launch of this report marks an important milestone in Irena’s development as the centre of knowledge and excellence for renewable energy,” said Dr Al Jaber.

“REthinking Energy has mapped and quantified opportunities and challenges the industry has experienced.

“But despite the ups and downs, the sector continues to develop and mature.”

Al Jaber said the growth over the past decade, with the adoption of solar and wind energy in particular, had been staggering.

“China, for example, is addressing the energy and pollution challenge by turning to renewables at a large scale,” he said. “Here in the Gulf, the heart of the oil and gas industry, countries have set ambitious targets and have collectively announced thousands of megawatts of renewable energy projects by 2030.”

But despite setting such targets, he said there was a lack in assessment of the industry’s growth. “The international community recognised this need and turned to Irena as a global authority of renewable energy,” said Dr Al Jaber. “With REthinking Energy, Irena has done so without question.”

He said the report synthesised the vast volume of data, successes and failures to “give us a clear picture of what is really happening, where and why”.

“It validates the decision of countries to invest in renewable energy and clean technology,” he said. “The sector is no longer strictly about the environmental impact or job creation, renewable energy has graduated to a new stage.

“It makes good financial sense and will without a doubt play a key role in the global energy mix and in helping mitigating climate change. This report will redefine how business, investors and governments view renewable energy, its potential, benefits and opportunities and, more importantly, how we rethink global energy as a whole.”

Adnan Z Amin, director general of Irena, which has its headquarters in Abu Dhabi, said the energy world was undergoing major transformation that was expected to accelerate over the coming years.

“The report states that the changes under way offer the potential for a new industrial revolution,” he said. “And for creating a renewable system that would enhance energy access, create jobs and safeguard the environment.”

He said the global electricity demand was projected to increase by 60 per cent by 2030.

Yoshihiko Kamo, Japan’s ambassador to the UAE, on Sunday became his country’s first permanent representative of Irena.

Japan has supported Irena since its establishment in April 2011 and is the second largest contributor to its core budget.

Japan was designated president of the fifth session of the Irena assembly to be held in January next year.