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rec: a call For a

suNNY commitmeNt

REC, the largest European brand of solar panels, outlines how clean, viable and cost compettve solar energy is
today, and what policy acton is needed from governments to maintain the momentum of solar for a safe climate.

The power sector is the biggest single contributor countries studied, including large markets such
to global energy-related CO emissions, as the USA, Japan and Germany, with China and reC is the largest european
accountng for a massive 40% worldwide. It India close behind. Deutsche Bank also noted brand of solar panels, with
makes sense to focus on clean energy if we hope that prices could fall up to 40% by 2020, giving more than 15 million high-
to drive down CO emissions to keep the already- solar even greater appeal. According to an quality panels produced at the
present climate change at an acceptable level. analysis by IRENA, the generaton costs (LCOE) end of 2014. With integrated
Yet with global energy appettes rising unabated, of the most compettve solar utlity are already manufacturing from polysilicon
sources have to be afordable and efcient, as at USD 0.08 per kWh. Germany’s Fraunhofer
well as vast yet clean, in order to be compatble Insttute predicts solar will be the world’s most to wafers, cells, panels and
with economic growth. common energy source by 2050, powering 40% turnkey solar solutons, REC
of global electricity needs, at generaton costs as strives to help meet the world’s
Solar energy fts the bill. It’s the cleanest low as 2-4 eurocents per kWh. growing energy needs. Founded
energy around, with the lowest impact on the in 1996, REC has headquarters
environment. Solar installatons are also quicker Policy stability
to set up than any other renewable energy These numbers show there is a transiton in in Norway, operatonal
source – a vital consideraton in regions such progress from policy-driven to economics- headquarters in Singapore and
as Africa, where there are stll more than 600 driven decisions. Yet solar stll needs stable and ofces in USA, Europe, MEA,
million people without grid access. reliable targets, mechanisms and commitments Japan, India and Thailand.
by governments. Policy changes and reversals
grid parity create uncertainty and slow investment.
Cost is also decreasing. Of all the renewable REC calls for the following policy
energies, solar is getng cheaper the fastest. Germany, formerly the undisputed leader in actons:
With photovoltaic systems now costng half solar energy adopton, shows how grim the
what they did just six years ago, solar energy is impact can be: owing to policy changes, new • Reduce hidden subsidies for nuclear
achieving grid parity – the cost level at which solar capacity in 2015 is predicted to be 35% and fossil fuels. Fossil fuel industries
solar is compettve with conventonal sources of lower than that of 2014. Germany will fall short received USD 550 billion in subsidies
electricity – in more and more regions. of its climate targets and is losing its leadership in 2013, four tmes more than
role in the groundbreaking feld of energy renewables. 3
A recent Deutsche Bank report found that solar transiton.
has reached grid parity in roughly half of 60 • Establish a structural reform of the
carbon market to ensure a real price
for CO emissions and consider
climate costs of fossil fuel energy of
Subsidies Carbon market Real climate costs up to USD 0.13 per kWh. 4
($/t CO ) 2 ($ct/kWh)
• Commit to more ambitous
120 30 + up to 13 targets for signifcantly increasing
Renewables 100 25 solar’s share in the electricity
Imbalance mix. Otherwise we will fail on
80 20 commitments to keep the global
Subsidies 2013 60 Imbalance 15 4 - 14 temperature rise below 2°C.
40 10 • Promote residental and commercial
$550 B solar self-consumpton more
20 5 strongly. These green investments
Fossil fuels 7
0 0 should be honored.
Fossil fuel Price in Fossil fuel Including
subsidies carbon market energy costs climate costs
1 Internatonal Energy Agency, Energy and Climate Change, 3 Internatonal Energy Agency, 2015 World Energy Outlook
2 Deutsche Bank Markets Research: Report on the solar 4 IRENA, Renewable Power Generaton Costs in 2014
industry, 27 February 2015
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