Renewable energy was a cheaper source of electricity last year than fossil fuels, the International Renewable Energy Agency has said.
About 86 per cent of all the newly commissioned renewable capacity in 2022 was less expensive than power generated from fossil fuels, the Abu Dhabi-based agency said in a report on Tuesday.
New renewable energy capacity added since 2000 reduced electricity sector fuel costs by $520 billion last year, the report said.
In non-Organisation for Economic Co-operation and Development countries, the agency said new capacity additions in 2022 will result in lifetime savings of up to $580 billion.
“Irena sees 2022 as a veritable turning point in the deployment for renewables as its cost-competitiveness has never been greater despite the lingering commodity and equipment cost inflation around the world,” said Francesco La Camera, the agency's director general.
“The most affected regions by the historic price shock were remarkably resilient, largely thanks to the massive increase of solar and wind in the last decade.”
Solar energy generation is on course to meet net-zero emissions targets by 2050, according to the International Energy Agency.
Solar photovoltaic generation surged by a record 270 terawatt hours last year to 1,300 terawatt hours, surpassing wind for the first time, the Paris-based agency said.
Direct cost savings, as well as curbing carbon dioxide emissions and local pollutants will yield substantial economic benefits, Irena said.
“Without the deployment of renewables over the last two decades, the economic disruption from the fossil fuel price shock in 2022 would have been much worse and, possibly, beyond many governments' ability to soften with public funding,” the agency said.
Inflation in commodity and equipment costs resulted in countries experiencing different cost trends last year.
At a global level, the weighted average cost of electricity fell by 3 per cent for utility-scale solar PV in 2022. It dropped by 5 per cent for onshore wind and by 22 per cent for geothermal, Irena said.
However, the costs for offshore wind and hydroelectric power increased by 2 per cent and 18 per cent, respectively.
“For the last 13 to 15 years, renewable power generation costs from solar and wind power have been falling,” the agency said.
“Between 2010 and 2022, solar and wind power became cost-competitive with fossil fuels even without financial support.”
“[The] expected high fossil fuel prices will cement the structural shift that has seen renewable power generation become the least cost source of new generation, even undercutting existing fossil fuel generators,” Irena said.
“Renewables can protect consumers from fossil fuel price shocks, avoid physical supply shortages and enhance energy security.”
Annual renewable power capacity must add an average of 1,000 gigawatts annually by 2030 to meet the goals of the Paris Agreement, the agency said in a report in June.
At the same time, global investments in energy transition technology must quadruple to $35 trillion, Irena said.
Last month, the agency said the supply of critical minerals used in electric vehicles and renewable energy projects was vulnerable to a range of geopolitical risks, and that the disruptions could affect the speed of the energy transition in the “short to medium term”.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.0%20twin-turbo%20inline%20six-cylinder%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Eeight-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E600Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh400%2C000%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
EU's%2020-point%20migration%20plan
%3Cp%3E1.%20Send%20EU%20border%20guards%20to%20Balkans%3C%2Fp%3E%0A%3Cp%3E2.%20%E2%82%AC40%20million%20for%20training%20and%20surveillance%3C%2Fp%3E%0A%3Cp%3E3.%20Review%20EU%20border%20protection%3C%2Fp%3E%0A%3Cp%3E4.%20Reward%20countries%20that%20fund%20Balkans%C2%A0%3C%2Fp%3E%0A%3Cp%3E5.%20Help%20Balkans%20improve%20asylum%20system%3C%2Fp%3E%0A%3Cp%3E6.%20Improve%20migrant%20reception%20facilities%C2%A0%3C%2Fp%3E%0A%3Cp%3E7.%20Close%20gaps%20in%20EU%20registration%20system%3C%2Fp%3E%0A%3Cp%3E8.%20Run%20pilots%20of%20faster%20asylum%20system%3C%2Fp%3E%0A%3Cp%3E9.%20Improve%20relocation%20of%20migrants%20within%20EU%3C%2Fp%3E%0A%3Cp%3E10.%20Bolster%20migration%20unit%20in%20Greece%3C%2Fp%3E%0A%3Cp%3E11.%20Tackle%20smuggling%20at%20Serbia%2FHungary%20border%3C%2Fp%3E%0A%3Cp%3E12.%20Implement%20%E2%82%AC30%20million%20anti-smuggling%20plan%3C%2Fp%3E%0A%3Cp%3E13.%20Sanctions%20on%20transport%20linked%20to%20smuggling%3C%2Fp%3E%0A%3Cp%3E14.%20Expand%20pilot%20deportation%20scheme%20in%20Bosnia%C2%A0%3C%2Fp%3E%0A%3Cp%3E15.%20Training%20for%20Balkans%20to%20deport%20migrants%3C%2Fp%3E%0A%3Cp%3E16.%20Joint%20task%20forces%20with%20Balkans%20and%20countries%20of%20origin%3C%2Fp%3E%0A%3Cp%3E17.%20Close%20loopholes%20in%20Balkan%20visa%20policy%C2%A0%3C%2Fp%3E%0A%3Cp%3E18.%20Monitor%20migration%20laws%20passed%20in%20Balkans%C2%A0%3C%2Fp%3E%0A%3Cp%3E19.%20Use%20visa-free%20travel%20as%20leverage%20over%20Balkans%C2%A0%3C%2Fp%3E%0A%3Cp%3E20.%20Joint%20EU%20messages%20to%20Balkans%20and%20countries%20of%20origin%3C%2Fp%3E%0A
TRAINING FOR TOKYO
A typical week's training for Sebastian, who is competing at the ITU Abu Dhabi World Triathlon on March 8-9:
- Four swim sessions (14km)
- Three bike sessions (200km)
- Four run sessions (45km)
- Two strength and conditioning session (two hours)
- One session therapy session at DISC Dubai
- Two-three hours of stretching and self-maintenance of the body
ITU Abu Dhabi World Triathlon
For more information go to www.abudhabi.triathlon.org.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More from Rashmee Roshan Lall
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RACECARD
6pm Emaar Dubai Sprint – Conditions (TB) $60,000 (Turf) 1,200m
6.35pm Graduate Stakes – Conditions (TB) $100,000 (Dirt) 1,600m
7.10pm Al Khail Trophy – Listed (TB) $100,000 (T) 2,810m
7.45pm UAE 1000 Guineas – Listed (TB) $150,000 (D) 1,600m
8.20pm Zabeel Turf – Listed (TB) $100,000 (T) 2,000m
8.55pm Downtown Dubai Cup – Rated Conditions (TB) $80,000 (D) 1,400m
9.30pm Zabeel Mile – Group 2 (TB) $180,000 (T) 1,600m
10.05pm Dubai Sprint – Listed (TB) $100,000 (T) 1,200m
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
UAE currency: the story behind the money in your pockets
more from Janine di Giovanni
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
