IRENA

Kandeh Yumkella in Project-Syndicate

A decade ago, renewable energy was viewed as an unwelcome offspring of fossil fuels, but the recent establishment of the International Renewable Energy Agency (IRENA) indicates that governments worldwide are taking “renewables” seriously. With mounting concerns about climate change and volatility in oil and other fossil-fuel prices, renewables are finally becoming a viable proposition.

Big business is spending billions of dollars to explore the opportunities that renewables can bring. There are serious plans to turn the Sahara desert’s heat and sunlight into Europe’s major power source, supplying energy to half a billion people. Some estimates suggest it could cost up to $60 billion to start sending Sahara power to Europe a decade from now. With public support, progress could be much faster. The price tags are huge, but the current economic and financial crisis has taught us not to be afraid of ten-digit numbers.