South East Europe (SEE) has a wealth of untapped renewable energy resources worth 740GW.
That’s according to a new report from the International Renewable Energy Agency (IRENA), which says almost this entire potential capacity in countries such as Croatia, Albania and Montenegro could be cost-effectively deployed by 2030.
This figure includes an estimated 532GW of wind generation and 120GW of solar power.
IRENA says around 127GW of the estimated unused capacity in the region could be competitively implemented in the short-term, with this figure rising to above 290GW in the most favourable capital-cost forecasts.
The group plans to continue supporting governments in the area to maximise the value of their resources and accelerate progress by helping them overcome obstacles to development.
The report shows increasing deployment and continued technological innovation have led to sharp cost reductions and improved cost effectiveness, particularly in the solar and wind markets.
As well as working towards European climate goals, increased renewable development would also see new jobs created, local manufacturing capacity improve and health impacts being mitigated.