Asia Pacific countries are implementing actions on a large scale to achieve their renewable targets.
Solar power, electric, wind and water… be part of the world’s fastest growing energy industry and truly make a difference.
In any discussion about global warming, renewable energy usually tops the list of changes the world can implement to stave off the worst effects of rising temperatures. The move towards the use of renewable energy has necessitated the creation of instruments to help tackle climate change. The cost of such instruments has dramatically decreased since they were first conceived – in 2010, solar power costs plummet across South Asia and the Pacific cost $478 SGD per megawatt hour for a simple solar power. According to WoodMac the cost of a solar power in 2019 is $94 SGD per megawatt hour. This reduction in cost has been vital to the emergence of renewable energy as a viable source of power.
The lower cost of renewable energy is a positive sign, insists Seb Henbest, lead author of the Bloomberg New Energy Finance (BNEF) report, “We now live in a world where two-thirds of the global population live in a country where wind and solar power is the cheapest form of new electricity”. The share of renewable in meeting global energy demand is expected to grow by one-fifth to reach 12.4% in 2023.
The Paris Accord signed in 2015 at the World Climate Summit is the first binding global objective aimed at tackling climate change. Not only will the agreement have a positive effect on the environment but it will be responsible for sustained job creation. According to the International Renewable Energy Agency (IRENA), the agreement will lead to an increase in employment in the sector of up to more than 24 million people, compared to 9.2 million today, making it a compelling industry to further a career in.