COP20 (08/12/14) – Amin explains that the business case for renewable energy has transformed. Business models are improving, costs of technology are dropping and renewable energy is now the cheapest option in many countries. There is a real opportunity for renewable energy to transform the energy sector in the next decade.
IRENA’s REMAP 2030 project shows what it would take to double renewable energy in the global energy mix by 2030. The project found that in the 27 countries examined ( which account for 75% of global energy use), it would be economically feasible for global renewable energy to double using current technology. It would also be economically beneficial when health co-benefits are considered, and if energy efficiency was factored in, there would be a 40% reduction in carbon by 2030.
Amin then introduces two of IRENA’s regional initiatives, the African Clean Energy Corridor and the Central American Clean Energy Corridor. He explains that although falling costs have resulted in renewable energy becoming a real competitor, some structural challenges remain. Firm policy frameworks that are enabling and secure for private sector investment is crucial.
Finally, renewable energy generates jobs, income and clean growth for the future.