The Belt and Road Initiative could drive up global investment in renewable energy with increasing demand and decreasing cost for renewable energy production.
The Belt and Road Initiative, which largely focuses on connectivity in Eurasia and Africa, is in all areas where energy demand is increasing, said Adnan Amin, the director-general of the intergovernmental organization to promote adoption and sustainable use of renewable energy.
According to a report published by IRENA, International Renewable Energy Agency last year, by 2025, average electricity costs for solar photovoltaics could fall by 59 percent, offshore wind power costs could fall by 35 percent and onshore wind power costs could see a 26 percent reduction, compared with levels in 2015. The boost in renewable energy production is also made possible by lower costs.
By then, the global average cost of electricity from solar PV and onshore wind power sources will be roughly 5 to 6 US cents per kilowatt-hour, the report said. Amin, the director of International Renewable Energy Agency said the challenge faced with the Belt and Road Initiative is how it can create concrete projects that can demonstrate concrete outcomes
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