The substantial reduction in production costs - down 69% over the past decade for large-scale wind projects and 88% for solar, according to the latest study from investment bank Lazard – has allowed renewables to compete at scale with any other source. Overall, according to the International Energy Agency, the share of renewables in global power generation is set to rise from 26% today to 30% in 2024.
The key to this ongoing transformation is the deployment of innovative renewable energy technologies. However, it can be challenging to integrate these technologies into existing policy frameworks and energy systems. In addition, renewable energy players are faced with the challenge of rising policy and regulatory uncertainty, as policy makers try to balance growing demand and the 'net zero' emissions goal. Such uncertainty can affect returns on investment, often leading to incomplete long-term contracts and disputes.
