It implies willingly giving up something, often used when making a significant life choice. After much thought, she made a renunciation of her bustling city life.
Pro Tip 2/3
Formal Statement
A formal announcement is usually public and may involve legal procedures to confirm it. The CEO's renunciation of his position came with a formal press release.
Pro Tip 3/3
Irrevocable Decision
Once made, renunciation is often final and cannot be taken back easily. Her renunciation of the throne meant she could never be queen.