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Every year, the International Renewable Energy Agency (IRENA) puts together a report, looking at the cost of renewable power production. The latest iteration shows that, despite inflation, the cost has dropped.
According to the report, the global weighted average levelised cost of electricity from new utility-scale solar, onshore wind, bioenergy and geothermal production fell. Thanks to the rise in fossil fuel prices, this makes the cost argument for renewables even more compelling, according to IRENA.
However, the picture is complicated, with China a key driver for the drop in solar photovoltaics and onshore wind.
To explain more, Michael Taylor, senior analyst for renewable cost status and outlook at IRENA, joins David, Jan and Michaela.
Enjoy the show!
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Illustration: Masha Krasnova-Shabaeva.
You can find the IRENA Renewable Power Generation Costs in 2022 report here.
What caught our eye this week:
Jan’s pick: Hydrogen should only play a limited & complimentary role to decarbonise heating – study
Michael’s pick: UK Office for Budget Responsibility July report on financial risks and sustainability
Dave’s pick: Rishi Sunak announces U-turn on key green targets
Michaela’s pick: Having land-use emissions could cut land-use emissions by 31% – Carbon Pulse
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