The renewable opportunity
The efficiencies in manufacturing, operating and maintaining renewable energy assets have resulted in a considerable reduction in the production cost of renewable sources over the past decade. This has been the primary factor in the transformation of the global energy industry. Solar and onshore wind are now commercially viable alternative energy sources when compared with volatile oil and gas markets, with offshore wind trending towards the same2.
The extent with which solar energy costs have fallen over the past decade3.
The forecast share of renewables in the power mix by 20274.
Through incentive schemes, governments around the world, including in the UK and Europe, provided a catalyst to developing long-term renewable energy generation to accelerate the transition to cleaner fuels.
Thanks to falling costs and greater efficiencies, the cost of renewable energy is falling in many countries. Well-designed renewable sites can be managed to enhance biodiversity and the local environment.
Part of the Green Economy
1 iea, 2022
2 Bloomberg New Energy Finance, 1H 2022 LCOE Update Report
3 Irena, 2022
4 iea, 2022