Middle East Solar Industry Association (MESIA)’s Post

At #COP28, the outcome of the First Global Stocktake called on all parties to the UNFCCC to triple renewable power generation capacity and double the rate of energy efficiency improvement by 2030. Dubbed the #UAEConsensus, and built upon the on the recommendations of IRENA, this embodied the global determination to rapidly scale up renewables. The year 2023 marked a significant milestone in this journey. The record growth of 473 GW of installed capacity, coupled with a continued decline in technology costs, indicate that world is embracing the transition away from fossil fuels. According to IRENA's latest report, renewable power is increasingly cost-competitive with fossil fuels – 81% of renewable capacity additions in 2023 produce cheaper electricity than fossil fuel alternatives – and the accelerated deployment of renewable power continues to trigger technology advancements in a virtuous cycle of production efficiency and cost reduction. Solar PV, wind and hydropower experienced the most considerable cost decreases in 2023. The global average cost of electricity (LCOE) from solar PV fell by 12%, offshore wind and hydropower by 7%, and onshore wind by 3%, with China once again dominating new capacity additions. The global average cost of electricity from utility-scale solar PV fell to USD 0.044 per kilowatt-hour (kWh) and onshore wind to USD 0.033/kWh. Low-cost renewables incentivise greater ambition; in the coming years, remarkable growth across all renewable energy sources is expected. Yet, it remains crucial to ensure the progress and deployment of renewables balances different technologies and is distributed more equitably across countries and regions. The energy transition relies on key enablers, including physical infrastructure (such as for energy storage and flexibility), policy and regulation, international collaboration, and strengthened institutional and human capacities. Renewable energy reduces exposure to volatile fossil-fuel import bills, lowers average electricity system costs, and avoids the damaging impacts of high electricity prices on consumers and industry. It offers policy makers a compelling solution to reduce fossil fuel dependency, limit damage to environmental and human health, enhance energy security and drive economic development. I encourage you to explore IRENA’s 'Renewable Power Generation Costs in 2023' report for more detailed insights 👇.

At #COP28, the outcome of the First Global Stocktake called on all parties to the UNFCCC to triple renewable power generation capacity and double the rate of energy efficiency improvement by 2030. Dubbed the #UAEConsensus, and built upon the on the recommendations of IRENA, this embodied the global determination to rapidly scale up renewables. The year 2023 marked a significant milestone in this journey. The record growth of 473 GW of installed capacity, coupled with a continued decline in technology costs, indicate that world is embracing the transition away from fossil fuels. According to IRENA's latest report, renewable power is increasingly cost-competitive with fossil fuels – 81% of renewable capacity additions in 2023 produce cheaper electricity than fossil fuel alternatives – and the accelerated deployment of renewable power continues to trigger technology advancements in a virtuous cycle of production efficiency and cost reduction. Solar PV, wind and hydropower experienced the most considerable cost decreases in 2023. The global average cost of electricity (LCOE) from solar PV fell by 12%, offshore wind and hydropower by 7%, and onshore wind by 3%, with China once again dominating new capacity additions. The global average cost of electricity from utility-scale solar PV fell to USD 0.044 per kilowatt-hour (kWh) and onshore wind to USD 0.033/kWh. Low-cost renewables incentivise greater ambition; in the coming years, remarkable growth across all renewable energy sources is expected. Yet, it remains crucial to ensure the progress and deployment of renewables balances different technologies and is distributed more equitably across countries and regions. The energy transition relies on key enablers, including physical infrastructure (such as for energy storage and flexibility), policy and regulation, international collaboration, and strengthened institutional and human capacities. Renewable energy reduces exposure to volatile fossil-fuel import bills, lowers average electricity system costs, and avoids the damaging impacts of high electricity prices on consumers and industry. It offers policy makers a compelling solution to reduce fossil fuel dependency, limit damage to environmental and human health, enhance energy security and drive economic development. I encourage you to explore IRENA’s 'Renewable Power Generation Costs in 2023' report for more detailed insights 👇.

At #COP28, the outcome of the First Global Stocktake called on all parties to the UNFCCC to triple renewable power generation capacity and double the rate of energy efficiency improvement by 2030. Dubbed the #UAEConsensus, and built upon the on the recommendations of IRENA, this embodied the global determination to rapidly scale up renewables. The year 2023 marked a significant milestone in this journey. The record growth of 473 GW of installed capacity, coupled with a continued decline in technology costs, indicate that world is embracing the transition away from fossil fuels. According to IRENA's latest report, renewable power is increasingly cost-competitive with fossil fuels – 81% of renewable capacity additions in 2023 produce cheaper electricity than fossil fuel alternatives – and the accelerated deployment of renewable power continues to trigger technology advancements in a virtuous cycle of production efficiency and cost reduction. Solar PV, wind and hydropower experienced the most considerable cost decreases in 2023. The global average cost of electricity (LCOE) from solar PV fell by 12%, offshore wind and hydropower by 7%, and onshore wind by 3%, with China once again dominating new capacity additions. The global average cost of electricity from utility-scale solar PV fell to USD 0.044 per kilowatt-hour (kWh) and onshore wind to USD 0.033/kWh. Low-cost renewables incentivise greater ambition; in the coming years, remarkable growth across all renewable energy sources is expected. Yet, it remains crucial to ensure the progress and deployment of renewables balances different technologies and is distributed more equitably across countries and regions. The energy transition relies on key enablers, including physical infrastructure (such as for energy storage and flexibility), policy and regulation, international collaboration, and strengthened institutional and human capacities. Renewable energy reduces exposure to volatile fossil-fuel import bills, lowers average electricity system costs, and avoids the damaging impacts of high electricity prices on consumers and industry. It offers policy makers a compelling solution to reduce fossil fuel dependency, limit damage to environmental and human health, enhance energy security and drive economic development. I encourage you to explore IRENA’s 'Renewable Power Generation Costs in 2023' report for more detailed insights 👇.

At #COP28, the outcome of the First Global Stocktake called on all parties to the UNFCCC to triple renewable power generation capacity and double the rate of energy efficiency improvement by 2030. Dubbed the #UAEConsensus, and built upon the on the recommendations of IRENA, this embodied the global determination to rapidly scale up renewables. The year 2023 marked a significant milestone in this journey. The record growth of 473 GW of installed capacity, coupled with a continued decline in technology costs, indicate that world is embracing the transition away from fossil fuels. According to IRENA's latest report, renewable power is increasingly cost-competitive with fossil fuels – 81% of renewable capacity additions in 2023 produce cheaper electricity than fossil fuel alternatives – and the accelerated deployment of renewable power continues to trigger technology advancements in a virtuous cycle of production efficiency and cost reduction. Solar PV, wind and hydropower experienced the most considerable cost decreases in 2023. The global average cost of electricity (LCOE) from solar PV fell by 12%, offshore wind and hydropower by 7%, and onshore wind by 3%, with China once again dominating new capacity additions. The global average cost of electricity from utility-scale solar PV fell to USD 0.044 per kilowatt-hour (kWh) and onshore wind to USD 0.033/kWh. Low-cost renewables incentivise greater ambition; in the coming years, remarkable growth across all renewable energy sources is expected. Yet, it remains crucial to ensure the progress and deployment of renewables balances different technologies and is distributed more equitably across countries and regions. The energy transition relies on key enablers, including physical infrastructure (such as for energy storage and flexibility), policy and regulation, international collaboration, and strengthened institutional and human capacities. Renewable energy reduces exposure to volatile fossil-fuel import bills, lowers average electricity system costs, and avoids the damaging impacts of high electricity prices on consumers and industry. It offers policy makers a compelling solution to reduce fossil fuel dependency, limit damage to environmental and human health, enhance energy security and drive economic development. I encourage you to explore IRENA’s 'Renewable Power Generation Costs in 2023' report for more detailed insights 👇.

At #COP28, the outcome of the First Global Stocktake called on all parties to the UNFCCC to triple renewable power generation capacity and double the rate of energy efficiency improvement by 2030. Dubbed the #UAEConsensus, and built upon the on the recommendations of IRENA, this embodied the global determination to rapidly scale up renewables. The year 2023 marked a significant milestone in this journey. The record growth of 473 GW of installed capacity, coupled with a continued decline in technology costs, indicate that world is embracing the transition away from fossil fuels. According to IRENA's latest report, renewable power is increasingly cost-competitive with fossil fuels – 81% of renewable capacity additions in 2023 produce cheaper electricity than fossil fuel alternatives – and the accelerated deployment of renewable power continues to trigger technology advancements in a virtuous cycle of production efficiency and cost reduction. Solar PV, wind and hydropower experienced the most considerable cost decreases in 2023. The global average cost of electricity (LCOE) from solar PV fell by 12%, offshore wind and hydropower by 7%, and onshore wind by 3%, with China once again dominating new capacity additions. The global average cost of electricity from utility-scale solar PV fell to USD 0.044 per kilowatt-hour (kWh) and onshore wind to USD 0.033/kWh. Low-cost renewables incentivise greater ambition; in the coming years, remarkable growth across all renewable energy sources is expected. Yet, it remains crucial to ensure the progress and deployment of renewables balances different technologies and is distributed more equitably across countries and regions. The energy transition relies on key enablers, including physical infrastructure (such as for energy storage and flexibility), policy and regulation, international collaboration, and strengthened institutional and human capacities. Renewable energy reduces exposure to volatile fossil-fuel import bills, lowers average electricity system costs, and avoids the damaging impacts of high electricity prices on consumers and industry. It offers policy makers a compelling solution to reduce fossil fuel dependency, limit damage to environmental and human health, enhance energy security and drive economic development. I encourage you to explore IRENA’s 'Renewable Power Generation Costs in 2023' report for more detailed insights 👇.

At #COP28, the outcome of the First Global Stocktake called on all parties to the UNFCCC to triple renewable power generation capacity and double the rate of energy efficiency improvement by 2030. Dubbed the #UAEConsensus, and built upon the on the recommendations of IRENA, this embodied the global determination to rapidly scale up renewables. The year 2023 marked a significant milestone in this journey. The record growth of 473 GW of installed capacity, coupled with a continued decline in technology costs, indicate that world is embracing the transition away from fossil fuels. According to IRENA's latest report, renewable power is increasingly cost-competitive with fossil fuels – 81% of renewable capacity additions in 2023 produce cheaper electricity than fossil fuel alternatives – and the accelerated deployment of renewable power continues to trigger technology advancements in a virtuous cycle of production efficiency and cost reduction. Solar PV, wind and hydropower experienced the most considerable cost decreases in 2023. The global average cost of electricity (LCOE) from solar PV fell by 12%, offshore wind and hydropower by 7%, and onshore wind by 3%, with China once again dominating new capacity additions. The global average cost of electricity from utility-scale solar PV fell to USD 0.044 per kilowatt-hour (kWh) and onshore wind to USD 0.033/kWh. Low-cost renewables incentivise greater ambition; in the coming years, remarkable growth across all renewable energy sources is expected. Yet, it remains crucial to ensure the progress and deployment of renewables balances different technologies and is distributed more equitably across countries and regions. The energy transition relies on key enablers, including physical infrastructure (such as for energy storage and flexibility), policy and regulation, international collaboration, and strengthened institutional and human capacities. Renewable energy reduces exposure to volatile fossil-fuel import bills, lowers average electricity system costs, and avoids the damaging impacts of high electricity prices on consumers and industry. It offers policy makers a compelling solution to reduce fossil fuel dependency, limit damage to environmental and human health, enhance energy security and drive economic development. I encourage you to explore IRENA’s 'Renewable Power Generation Costs in 2023' report for more detailed insights 👇.

At #COP28, the outcome of the First Global Stocktake called on all parties to the UNFCCC to triple renewable power generation capacity and double the rate of energy efficiency improvement by 2030. Dubbed the #UAEConsensus, and built upon the on the recommendations of IRENA, this embodied the global determination to rapidly scale up renewables. The year 2023 marked a significant milestone in this journey. The record growth of 473 GW of installed capacity, coupled with a continued decline in technology costs, indicate that world is embracing the transition away from fossil fuels. According to IRENA's latest report, renewable power is increasingly cost-competitive with fossil fuels – 81% of renewable capacity additions in 2023 produce cheaper electricity than fossil fuel alternatives – and the accelerated deployment of renewable power continues to trigger technology advancements in a virtuous cycle of production efficiency and cost reduction. Solar PV, wind and hydropower experienced the most considerable cost decreases in 2023. The global average cost of electricity (LCOE) from solar PV fell by 12%, offshore wind and hydropower by 7%, and onshore wind by 3%, with China once again dominating new capacity additions. The global average cost of electricity from utility-scale solar PV fell to USD 0.044 per kilowatt-hour (kWh) and onshore wind to USD 0.033/kWh. Low-cost renewables incentivise greater ambition; in the coming years, remarkable growth across all renewable energy sources is expected. Yet, it remains crucial to ensure the progress and deployment of renewables balances different technologies and is distributed more equitably across countries and regions. The energy transition relies on key enablers, including physical infrastructure (such as for energy storage and flexibility), policy and regulation, international collaboration, and strengthened institutional and human capacities. Renewable energy reduces exposure to volatile fossil-fuel import bills, lowers average electricity system costs, and avoids the damaging impacts of high electricity prices on consumers and industry. It offers policy makers a compelling solution to reduce fossil fuel dependency, limit damage to environmental and human health, enhance energy security and drive economic development. I encourage you to explore IRENA’s 'Renewable Power Generation Costs in 2023' report for more detailed insights 👇.