South East Europe has vast renewable potential worth 740 GW

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A new comprehensive study from the International Renewable Energy Agency (IRENA), reveals the enormous potential of renewable energy in the South East Europe region. The report, Cost-Competitive Renewable Power Generation: Potential across South East Europe, was released at a high-level meeting preceeding the opening of the seventh session of IRENA’s Assembly, which gathered policymakers from SEE and key regional stakeholders, to discuss the opportunities and challenges in expanding the share of renewable energy in SEE.

The report underscores that SEE possesses vast renewable energy potential – equal to some 740 GW. The region’s wind energy (532 GW) and solar PV (120 GW) potential is largely untapped, and 127 GW of this overall renewable energy potential could be implemented in a cost-competitive way today. The report says this figure could rise further, to above 290 GW.

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“The region’s case for renewables is strong, particularly for solar and wind. Harnessing these resources will result in affordable energy, job creation, improved air quality, and a means to meet international commitments”, said IRENA Director-General Adnan Z. Amin. “Solar and wind energy are now viable power supply options and the region is well poised to further scale-up its power systems sustainably.”

The report provides useful guidance for decision-makers in the SEE region seeking to scale-up renewables, in line with new long-term EU renewable energy target aimed at driving future economic growth.

Increasing deployment and continued technological innovation have led to sharp cost reductions and improved cost-effectiveness, particularly for solar PV and wind energy. IRENA’s report shows that almost the entire potential of solar PV and wind energy in SEE, can be cost-competitively deployed by 2030. The broader macroeconomic impact of renewable energy deployment, along with notable socio-economic benefits, such as creating employment, developing local manufacturing capacity, avoiding health and environmental costs, and addressing climate change.

Source: IRENA