In recognition of IRENA and IHA’s shared objectives to increase the uptake of renewable energy, the International Renewable Energy Agency (IRENA) and the International Hydropower Association (IHA) have signed a formal partnership agreement.
Hydropower is the world’s largest source of renewable energy, contributing over half of the global renewable energy installed capacity, and directly employing around 2 million people.
The agreement sets out IRENA’s and IHA’s joint initiative to expedite the development, financing and deployment of sustainable hydropower. This will involve future policy and market initiatives targeted at better rewarding hydropower for the clean storage and flexibility services it provides to the energy system. Cooperation will facilitate public-private dialogue, extend international cooperation and promote sustainable hydropower through the development and dissemination of knowledge.
Francesco La Camera, Director General of IRENA, stated: “IRENA’s Global Renewables Outlook estimates that an additional 850 GW of hydropower is required by year 2050 for the world to stay on a climate-safe track in line with the Paris Agreement. There is therefore an urgent need to boost up sustainable hydropower.”
“The Covid-19 crisis has shown beyond doubt the unique flexibility and resilience provided by hydropower compared with other energy sources”, Francesco La Camera added. “IRENA has always considered hydropower as an essential and central element of the renewables power mix.”
Recognising the important role of hydropower in the clean energy transition, IRENA’s recently published Post-COVID Recovery Agenda recommends a 150% increase in sustainable hydropower investments from USD 22 billion to USD 55 billion per year to 2030 to support the recovery and accelerate the energy transition.
Eddie Rich, Chief Executive of IHA, stated: “IRENA is the leading agency for the global advancement of renewable energy. We are glad that it has recognised the essential role that sustainable hydropower will play to meet the climate changes commitment set out in the Paris Agreement and Sustainable Development Goal 7.”
“While hydropower will continue to play an important role in global electricity, hydropower’s flexibility and storage capabilities are also necessary to complement variable renewables such as solar and wind. Hydropower acts as an enabler of higher shares of variable renewable energy in future energy systems,” Eddie Rich said.
Partnership activities will be concentrate on the development and sharing of knowledge, data and best practices. In addition, as a part of the agreement, IRENA will join and play a leading role in IHA’s new International Forum on Pumped Storage Hydropower. Created in partnership with the U.S. Department of Energy, the forum is a government-led multi-stakeholder platform that targets to shape and enhance the role of pumped storage hydropower in future power systems. Pumped storage hydropower is lesser in cost and mature, long duration energy storage technology that represents over 90% of the world’s grid-scale energy storage.