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The 10th Session of the International Renewable Energy Agency (IRENA) Assembly wrapped up today in Abu Dhabi. Presided over by His Excellency Ali Kirunda Kivejinja, Second Deputy Prime Minister and Minister of East African Community Affairs of Uganda, the two-day event convened renewable energy stakeholders from around the world to chart recent global advances and outline the measures still needed to scale up renewables.
His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment and head of the UAE delegation to the IRENA Assembly, said: "As part of its ongoing commitment to driving environmental and climate action, Abu Dhabi hosted the 10th Session of the IRENA Assembly that kickstarted Abu Dhabi Sustainability Week 2020. This edition contributed to moving the needle forward on the global shift to renewables, and highlighted the vital need to increase the financing of renewable energy projects, particularly in developing countries."
He noted that one of the major enablers of renewable energy deployment has been the rapid decline of its costs in recent years. In October 2019, Dubai Electricity and Water Authority (DEWA) announced the latest bids for the fifth phase of the Mohammed Bin Rashid Al Maktoum Solar Park that were as low as US cents 1.7 per kWh.
For his part, His Excellency Francesco La Camera, Director-General of IRENA, said: "We have entered a decade of renewable energy action, a period in which the energy system will transform at unparalleled speed. To ensure this happens, we must urgently address the need for stronger enabling policies and a significant increase in investment over the next 10 years. Renewables hold the key to sustainable development, and should be central to energy and economic planning all over the world."
He added: "Renewable energy solutions are affordable, readily available and deployable at scale. To advance a low-carbon future, IRENA will further promote knowledge exchange, strengthen partnerships, and work with all stakeholders – from private sector leaders to policy makers – to catalyze action on the ground. We know it is possible, but we must all move faster."
Takeaways from the 10th IRENA Assembly include the importance of increasing the share of renewables to supply 57 percent of global power by the end of the decade, up from 26 percent today. This will significantly help advance the world's efforts in achieving the UN's Sustainable Development Goals (SDGs) and pave the way to climate safety.
Furthermore, data released by IRENA shows that annual investment in renewables needs to double from around US$330 billion today to close to US$750 billion to deploy renewable energy solutions at the speed required.
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