IRENA reiterates economic benefits of renewables
A new report released by IRENA highlights how locally generated renewable energy could improve energy access and reduce electricity costs
According to three reports released by the International Renewable Energy Agency (IRENA), the development of renewable energy resources on the Marshall Islands, Fifi, and Vanuatu could provide significant socio-economic benefits for their citizens.
The Renewables Readiness Assessments (RRAs) found that a combination of renewable energy generation sources could meet domestic energy needs.
In the case of the Vanuatu, Fiji and the Marshall Islands, the deployment of solar, wind, geothermal, biomass and biofuel plants, could help reduce electricity costs, while increasing energy access and boosting energy independence.
An evaluation tool for renewable energy implementation, RRAs are typically used to help devise a roadmap for the deployment of renewable energy sources.
Since 2011, more than 20 countries in the Middle East, Africa, Latin America and Asia, have utilised RRAs to devise a domestic deployment of renewable technologies.
Commenting on the topic, Adnan Z. Amin, director-general of IRENA, shared: “The development of local renewable resources in these island nations would decrease their dependency on fuel imports and reduce risks associated with oil price volatility.”
He added: “The falling costs of renewable energy offers them an opportunity to rethink their energy strategies, develop policies and build institutions that would create jobs, bring power to those currently without and deliver more reliable electricity services, all while combatting climate change.”