IRENA: falling tech costs boosting renewables capacity

The International Renewable Energy Agency (IRENA) announced that the world's renewable electricity capacity increased by 152GW, a record high growth rate of 8.3%, in 2015, as falling technology costs encouraged deployment of solar (47GW) and wind (63GW). According to IRENA statistics, by the end of 2015, the world had 1,985GW of renewable capacity; 1.209GW of hydropower accounting for the largest part, 432GW of installed wind capacity and 227 GW of solar. Other renewables included 104GW bioenergy, 13GW geothermal energy and 500MW of marine energy. IRENA director general, Adnan Z Amin, noted that the impressive growth, coupled with a record $286bn invested in renewables in 2015, sends a strong message to investors and policy makers that renewable energy is now the preferred global option for power generation.
The Small Island Developing States Lighthouses Initiative Annual Progress Report 2023 summarises the remarkable achievements of SIDS in their sustainable energy transition from the year 2021-2022 and documents the efforts to move from pledges to action in energy transition and climate resilience.