If you work in the industry of renewables or in construction then you should know that renewable power is still very much competitive, even amidst the global energy crisis. If you look at the engineering industry as well, you will soon see that renewable energy has a huge part to play as well. The cost of renewable energy is falling all the time and supply chain challenges are prominent. You also have the rising commodity prices as well and these are yet to show their full impact on the projected costs. The cost of electricity when you look at onshore wind farms have also fallen by 15%.

When you look at renewable power in 2021, you will soon see that two-thirds of newly installed power in 2021 actually had much lower costs when you compare it to the world’s cheapest coal option in the G20. Irena’s new report has confirmed the role that a lot of cost-competitive renewables play when it comes to the energy crisis as it has helped to accelerate the transition that is in line with the warming limit. This is especially the case when you look at the agreement for Paris. Solar wind and even energy, when you look at the short-project lead time, represents some vital planks in the efforts for the country. Everyone wants to try and phase out fossil fuels and it is also important to limit the macroeconomic damages that they happen to cause when you look at the pursuit of net-zero. So far it would seem that renewables are actually the cheapest form of power in this day and age and it is just a start to see how economically viable the new generation has become overall. The great thing about renewable energy is that it frees economies up from fossil fuel prices and it also helps imports too. Another bonus is that it curbs energy costs and it also enhances the general resilience of the market.