Read
the news and you will see it: renewable energy technology is improving, costs
are falling, investment is rising, and deployment is growing.
At
first glance, it may look like just a few headlines, but underneath lies a
bigger story; the story of a new age of maturity for renewable energy — where
technology costs plummet, investment and deployment climb, employment grows and
world leaders recognise the necessity of replacing fossil fuels with
renewables.
In
just the last three years, the world added more than 100 gigawatts of new
renewable energy capacity every year — a number equivalent to the total
installed generation capacity of Brazil.
In the
same time frame, renewables accounted for more than half of net capacity
additions in the global power sector — meaning more new renewables capacity is
being installed than new capacity in fossil and nuclear power combined. As a
result of these additions, in 2013 the share of renewables in total electricity
production worldwide exceeded a record 22 per cent.
More
than 160 countries now have defined renewable energy targets, up from just 15
countries in 2005 and investment in renewables increased six fold in the last
decade to more than $260 billion (Dh955 billion) in 2014, excluding large
hydro.
And
the story continues ...
In a
report released last month, we learnt that more than 7.7 million people are
employed by the renewable energy sector worldwide, up 18 per cent in just the
last year and up 32 per cent over the last two years. On average, renewable
energy technologies now create more jobs than fossil fuel technologies.
For
instance, solar PV creates more than twice the number of jobs per unit of
electricity generated than coal or natural gas.
In the
latest milestone of the clean energy movement, the International Renewable
Energy Agency (Irena), the agency tasked with the global proliferation of
renewable energy, officially inaugurates its new headquarters building in
Masdar City, Abu Dhabi, on June 3. The new headquarters contributes to Masdar
City’s growing ecosystem, which focuses on sustainability and integrates research,
business and education.
Irena
is the first international agency to be headquartered in the Middle East, and
some have raised their eyebrows about its location in the heart of the oil-rich
Gulf. What most people don’t know though is that decades of experience in the
energy industry coupled with massive investments in the renewable energy sector
make Abu Dhabi — and Masdar City — an absolutely appropriate home for Irena.
The
UAE’s renewable power-generation capacity is the highest among the GCC
countries, its solar potential is second only to Saudi Arabia, and solar and
wind may now be the cheapest sources of new power in the country. A country
with this much resource potential and a strong willingness to invest, the
future is indeed bright for renewable energy.
As
with the other buildings in Masdar City, the Irena headquarters pushes the
boundaries of sustainable design and green building technologies. It is fitting
that the agency mandated with the global adoption and deployment of renewable
energy, be housed in one of the most sustainable building in the UAE and one of
the most sustainable of any international organisation worldwide.
The
rapid growth of Irena is a testament to the commitment of countries around the
world to advance the development of clean, safe and affordable renewable
energy. Our new advantageous location positions the headquarters as a nerve
centre for renewable energy action and knowledge for the future, which will be
necessary to the continued maturation of the industry.
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