Energy constitutes a vital part of national security, the economy and all facets of governance.
Developed countries around the globe have found reliable and affordable energy as an enabler to goods and services that has improved prolonged lives.
In fact, without electricity economic transformation through improved productivity in manufacturing and services, technological innovations, and promotion of value-addition in resource-based economies would not be possible.
Sakyi (2019) opined that developing countries need consistent supply of affordable energy to modernize agriculture, increase trade, empower women, save lives, improve transportation, expand industries, and power communications et cetera. Power to these economic sectors serves as building blocks for escaping poverty and extending the lives of people.
Across the world, we are noticing technological growth globally, which has become the driving principle rendering renewable energy as the preferred energy source. There is overwhelming literature to support that renewable energy comes at a cheaper cost compared to fossil fuel.
Data from the International Renewable Energy Agency (IRENA) suggest that more than 50 percent of the renewable capacity added in 2019 achieved lower electricity costs than new coal. According to the body, solar photovoltaics (PV) reveals the sharpest cost decline over 2010-2019 at 82 percent, followed by concentrating solar power (CSP) at 47 percent, onshore wind at 40 percent, and offshore wind at 29 percent.
In addition, electricity costs from utility-scale solar PV dropped 13 percent year-on-year, reaching nearly 7 cents (US$0.068) per kilowatt-hour (kWh) in 2019. Onshore and offshore wind both fell about 9 percent year-on-year, reaching US$0.053/kWh and US$0.115/kWh, respectively, for newly commissioned projects.
The International Energy Agency (IEA) has identified renewable energy sources as the least expensive modes to achieve universal electricity access in many parts of the world.
In addition to increasing grid-connected electricity generation from renewables, declining costs of small-scale solar PV for stand-alone systems and mini-grids is vital in helping deliver affordable electricity access to millions.
This according to the body is especially the case in remote rural areas in African countries, home to many of the population still deprived of electricity access.
Renewable Energy versus Electricity Access
Beyond small-scale, many countries across the world are hooking-on to renewable energies on utility-scale because of the immense environmental, health and economic benefits. However, according to Amoasi (2020), Ghana seems to be missing in the puzzle, as renewable energy remains a fright to policy makers
The post NDC-NPP 2020 manifestoes: an IES comparative analysis of renewable energy perspectives appeared first on The Business & Financial Times.
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