IEA announced that renewable energy sources are becoming competitive in cost

In its latest report published by the International Energy Agency (IEA), renewable energy technologies are becoming more and more competitive and that the growth of renewable energy resources are sufficient to achieve the targets for sustainable energy future. The report also says that the incentives for renewable energy are justified in order to give impetus to investments

In its latest report published by the International Energy Agency (IEA), renewable energy technologies are becoming more and more competitive and that the growth of renewable energy resources are sufficient to achieve the targets for sustainable energy future.

The report also says that the incentives for renewable energy are justified in order to give impetus to investments in these technologies for clean environment and good for energy security.

Renewable energy sources have grown rapidly over the past five years and now provide nearly 20% of world electricity production. According to Paolo Frankl, IEA leader for renewable energy release of 300 million tons of CO2 is avoided due to their use.

Portfolio of renewable energy sources, which include the already formed technologies such as hydro and geothermal, provide competitive investment without specific economic support.

Cost reduction is still expected to turn into wind and solar. The renewable sector will have to grow 4 times in the future for a country achieve their climate goals, and therefore require significant political support.

For the above reasons, IEA defends stimulus in the short term in RES technology as a necessary way to create a system that uses an independent clean technologies. A good example is Germany, whose high incentives for solar enabled the rapid initial development, and now has lowered them as the technology develops.

The biggest developments of RES are seen in the OECD countries and major emerging markets such as China, India and Brazil. Most OECD countries have great incentives for the development of RES.

According to the IEA, RES have grown 18% from 2005 to 2009. This growth is an indicator that incentives work, and that a sustainable energy future can be achieved.

Of all the renewable energy sources, hydro power plants still have the largest share with 84%, which was enough to produce 16% of the world’s electricity needs. Other RES in turn grew 74% from 2005 to 2009.

Renewable Energy Projects in Bosnia and Herzegovina