irena

The world will need to invest US$1.5 trillion per year until 2030 to meet the target of tripling clean power capacity by 2030.

According to IRENA, the renewable energy employed 16.2 million people in 2023, of which 7.1 million jobs were in the solar PV industry.

The global weighted average LCOE of utility-scale PV plants fell to US$0.044/kWh in 2023, a 12% year-on-year decline from 2022.

IRENA has found that the world’s renewable power capacity will need to increase by 16.4%, year-on-year, to meet the world’s climate targets.

Record renewables capacity additions and the progress in the energy transition last year are insufficient to meet the 1.5°C scenario.

A new report into the world’s clean energy transition, has called for an expansion of global solar capacity to 5.4TW by 2030.

An IRENA report into the cost of producing power has found that the levelised cost of electricity in the solar PV sector fell by 3% in 2022.

The International Renewable Energy Agency has called for the world to add 551GW of solar capacity per year by 2030.

Masdar has reached financial close on three PV facilities in Uzbekistan with a combined capacity of approximately 877MW.

IRENA believed that yearly investments must more than quadruple to over US$5 trillion to stay on the 1.5°C pathway.