'Never greater' | Ukraine war has made renewables more competitive, Irena says - Recharge

'Never greater' | Ukraine war has made renewables more competitive, Irena says | Recharge

The huge uplift in oil and gas prices caused by the war in Ukraine ultimately boosted the competitiveness of renewable power, the International Renewable Energy Agency (Irena) showed in a new report.

Last year was “arguably one of the most dramatic in decades for the energy sector,” said Irena in its Renewable Power Generation Costs in 2022 report, which described 2022 as a turning point for renewables.

The report described how supply chain challenges stemming from the Covid-19 pandemic converged with the drastic reductions in Russia's gas supplies to Europe following its invasion of Ukraine to create what Irena describes as a "fully-fledged, fossil fuel price crisis, the impact of which was felt around the world.”