Renewables acceleration critical for economies facing energy crisis, IRENA says

IRENA’s policy guide includes leveraging cross-sector partnerships, amongst others.

Countries must strategically deploy renewable energy to enhance resilience amidst the current energy crisis, according to the International Renewable Energy Agency (IRENA).

IRENA’s policy guide includes leveraging cross-sector partnerships and providing financial and logistical support to fast-track development.

Moreover, stakeholders must also use public information campaigns, fast-track time-of-use tariff adoption, and implement fiscal measures such as grants, subsidies or tax rebates.

Further, accelerating solar photovoltaic–battery hybrid mini-grids in off-grid and weak-grid remote areas and incentivising electrification of public transport are also recommended.

In the long-term, IRENA said clear policy frameworks are needed to attract investment, integrate electrification into national planning and strengthen domestic supply chains.

The agency noted that renewables are already reducing dependence on fossil fuel imports across countries, including Spain and Portugal in Europe, to China, India and Pakistan in Asia.

Furthermore, more than 85% of new renewable energy is now cheaper than fossil-fuel alternatives, and since 2010, the cost of solar has fallen by 87%, onshore wind by 55% and battery storage by 93%.