Socio-economic gains of the renewable energy sector

Renewable power is the cheapest source of electricity in many parts of the world and eleven million people were employed in renewable energy worldwide in 2018.

With prices set to fall, the cost advantage of renewables will extend further, Renewable Power Generation Costs in 2018 says, based on a comprehensive review of data from projects around the world. This will strengthen the business case and solidify the role of renewables as the engine of the global energy transformation.

Cost reductions, particularly for solar and wind power technologies, are set to continue into the next decade, the new report finds. According to IRENA’s global database, over three-quarters of the onshore wind and four-fifths of the solar PV projects that are due to be commissioned next year will produce power at lower prices than the cheapest new coal, oil or natural gas options.

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According to the latest Renewable Energy and Jobs – Annual Review eleven million people were employed in renewable energy worldwide in 2018. As more and more countries manufacture, trade and install renewable energy technologies, renewables jobs grew to their highest level despite slower growth in key renewable energy markets including China.

Solar photovoltaic (PV) and wind remain the most dynamic of all renewable energy industries. Accounting for one-third of the total renewable energy workflow, solar PV retains the top spot in 2018, ahead of liquid biofuels, hydropower, and wind power. Geographically, Asia hosts over three million PV jobs, nearly nine-tenths of the global total.

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