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Cost of solar photovoltaics to fall by 59%

Staff Writer |
Energy ministers of the G20 and representatives of key intergovernmental organisations, including IRENA, met to discuss the G20 energy agenda.

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“Renewable energy offers a technical solution to energy access that meets multiple development goals and does it sustainably and in a climate-friendly way,” said Sakari Oksanen, IRENA Deputy Director-General, speaking at the G20 event in Beijing, China.

The group reiterated their commitment to the UN’s 2030 Agenda for Sustainable Development — to ensure universal access to affordable, reliable, and sustainable and modern energy for all.

Since 2009 the costs of solar PV has reduced by 60%, a result of G20 policies to drive increased deployment, spur technology improvements, and reduce costs in general. It is expected that the cost of renewables will continue to drop in the future.

IRENA’s latest work on renewable energy cost reduction potential suggests that by 2025 the cost of solar photovoltaics could fall by 59%, concentrated solar by 43%, onshore wind by 26% and offshore wind by 35%.

In 2010 G20 renewable energy represented a 10% share and if it maintains its current course will be 15% by 2030.

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