RENEWABLE POWER GENERATION COSTS IN 2022 R E N E WA B L E P OW E R G E N E R AT I O N COS T S I N 2 02 2 © IRENA 2023 Unless otherwise stated, material in this publication may be freely used, shared, copied, reproduced, printed and/or stored, provided that appropriate acknowledgement is given of IRENA as the source and copyright holder. Material in this publication that is attributed to third parties may be subject to separate terms of use and restrictions, and appropriate permissions from these third parties may need to be secured before any use of such material. Citation: IRENA (2022), Renewable power generation costs in 2022, International Renewable Energy Agency, Abu Dhabi. ISBN 978-92-9260-544-5 About IRENA TThe International Renewable Energy Agency (IRENA) is an intergovernmental organisation that supports countries in their transition to a sustainable energy future and serves as the principal platform for international co-operation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewable energy. IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy, in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity. www.irena.org Acknowledgements This report was developed under the guidance of Roland Roesch (Director, IRENA Innovation and Technology Center) and Michael Taylor (IRENA). The report was authored by Michael Taylor, Sonia Al-Zoghoul and Pablo Ralon (IRENA), with assistance from Olga Sorokina (European Energy Link Group). The authors are grateful for the valuable contributions from Erick Ruiz Araya, Francis De Jaeger, Juan Pablo Jimenez Navarro, Binu Parthan and Ludovico Del Vecchio (IRENA) in the preparation of this study. This report benefited from the reviews and comments of numerous experts, including Ana Andrade (Direção Geral de Energia e Geologia [DGEG]), Alex Campbell and Rebecca Ellis (IHA), Manuel Quero (Sunntics), Alexander Hogeveen Rutter (ISA), Christoph Walter (DEA), Yuetao Xi (CREEI) and Feng Zhao (GWEC). All opinions and errors remain those of the authors. Publications, editorial and communications support were provided by Francis Field, Stephanie Clarke, Nicole Bockstaller and Daria Gazzola.. The report was copy-edited by Jonathan Gorvett and Stefanie Durbin, and a technical review was provided by Paul Komor. The graphic design was provided by Ignacio de la Concepción Sanz. For further information or to provide feedback: publications@irena.org This report is available for download: www.irena.org/publications Disclaimer This publication and the material herein are provided “as is”. All reasonable precautions have been taken by IRENA to verify the reliability of the material in this publication. However, neither IRENA nor any of its officials, agents, data or other third-party content providers provides a warranty of any kind, either expressed or implied, and they accept no responsibility or liability for any consequence of use of the publication or material herein. The information contained herein does not necessarily represent the views of all Members of IRENA. The mention of specific companies or certain projects or products does not imply that they are endorsed or recommended by IRENA in preference to others of a similar nature that are not mentioned. The designations employed and the presentation of material herein do not imply the expression of any opinion on the part of IRENA concerning the legal status of any region, country, territory, city or area or of its authorities, or concerning the delimitation of frontiers or boundaries. 2 The growing competitiveness of renewable power continues to provide the most compelling pathway to the decarbonisation of the global energy system © Jason Winter/Shutterstock.com R E N E WA B L E P OW E R G E N E R AT I O N COS T S I N 2 02 2 FOREWORD As the nations of the world prepare to convene in the United Arab Emirates for COP28, the International Renewable Energy Agency (IRENA) continues to warn that the world is not on track to meet its shared commitments under the Paris Agreement to avoid dangerous climate change. The pathway to a 1.5°C future requires increased global ambition in renewables deployment, enabled by physical infrastructure, policy and regulations, and strengthened institutional and workforce cap