@Green July/August 2024 | Page 6

• Foreign News

06

• Foreign News

@ green | July-August . 2024

Irena and GCFC join forces

THE International Renewable Energy Agency ( IRENA ) and the Global Climate Finance Centre ( GCFC ), an independent organisation that catalyses climate investments and solutions , established a strategic agreement to scale up climate finance and renewable energy initiatives worldwide .

By combining cutting-edge research , market innovations , capacity-building programs , and practical initiatives to scale up climate investments globally , particularly in emerging and developing markets , the GCFC creates an ecosystem for low-carbon , sustainable , and resilient project investments .
This relationship will use IRENA and GCFC synergies in market intelligence , capacity building , practical platforms , and collaborative activities . With other climate stakeholders , the alliance seeks new ideas to increase climate finance ’ s size , accessibility , and affordability worldwide .
The partnership will share three work streams :
• Research and innovation : The Parties will conduct market research and analysis to produce thought leadership and innovative solutions for key topics driving global climate finance flows , such as de-risking mechanisms , green
industrialisation opportunities , carbon markets , and policy innovations .
• Capacity-building and technical assistance : Both institutions develop local capacities to increase acceptance of climate solutions . Their collaboration will encompass developing sustainable energy and infrastructure rules and regulations , finance expertise for project pipelines , and more .
• Practical coalitions and project pipeline financing : The Parties will collaborate on synergistic alliances and practical efforts . They will support African countries in energy transition through IRENA ’ s Accelerated Partnership for Renewables in Africa
(“ APRA ”) and the GCFC-hosted Africa Green Investment Initiative (“ AGII ”). The Parties will also co-create and co-host workshops and matchmaking ‘ deal rooms ’ to share knowledge , connect climate investors with investment opportunities , strengthen partnerships , and advance innovative renewable energy finance solutions to increase global climate investments .
Director-General of the International Renewable Energy Agency Francesco La Camera said despite the remarkable political momentum established by the UAE Consensus and a universally compelling business case for renewables , progress on the energy transition remains uneven across
regions , largely due to a lack of affordable financial resources .
“ This strategic cooperation with GCFC intends to solve this inequality by improving financial flows , capacities , and innovation where it ’ s needed most ,” said La Camera .
Mercedes Vela Monserrate , CEO of the Global Climate Funding Centre , said that by partnering with IRENA , the Global Climate Finance Centre will accelerate climate finance and promote renewable energy initiatives worldwide .
“ This collaboration empowers countries and people to implement effective climate solutions and achieve a more sustainable future through a global climate action vision ,” said MonserrateIrena .

Tripling renewables by 2030 has challenges

THE International Renewable Energy Agency ( Irena ) issued Renewable Energy Statistics 2024 recently , showing that despite renewables being the fastestgrowing power source , the world risks missing the COP28 renewables tripling objective . The globe must boost renewables capacity by 16.4 per cent yearly through 2030 to stay on track .
The record 14 per cent renewables capacity increase in 2023 set a 10 per cent compound annual growth rate . Given the declining additions of non-renewable capacity over time , renewable energy will soon surpass fossil fuels in global installed power capacity . f last year ’ s 14 per cent increase rate continues , Irena ’ s 1.5 ° C Scenario ’ s 2030 tripling target of 11.2 Terawatts ( TW ) will be 1.5 TW short , missing the objective by 13.5 per cent . If the world maintains its 10 per cent annual growth pace , it will only have 7.5 TW of renewables capacity by 2030 , missing the target by approximately one-third .
Irena Director-General Francesco La Camera said though renewable energy was outperforming fossil fuels , Irena could not be complacent .
“ Renewables must accelerate and scale . Our new report shows that if we continue at the current growth rate , we will fail to meet the UAE Consensus at COP28 ’ s tripling renewables target , risking the Paris Agreement and 2030 Agenda for Sustainable Development ,” said La Camera .
“ Consolidated global figures hide geographic concentration . These patterns threaten to widen the decarbonisation difference and hinder the tripling ambition .”
Dr Sultan Al Jaber , president of COP28 , remarked governments should set clear renewable energy targets , accelerate licensing and grid connections , and implement wise policies that encourage industry and private sector investment .
“ This also offers a chance to strengthen national energy targets in NDCs to support the 1.5 ° C global goal . Above all , we must shift the narrative from climate investment being a burden to an unparalleled opportunity for shared socio-economic progress ,” said Dr Sultan .
The 2022 electricity generation data revealed the regional differential in renewables implementation . Asia led global renewable power generation with 3,749 TWh , followed for the first time by North America ( 1,493 TWh ). Hydropower recovery and solar energy increased renewable power generation by approximately 12 per cent
Dr Sultan Al Jaber
to 940 TWh in South America , the largest increase .
Africa ’ s renewable power generation rose 3.5 per cent to 205 TWh in 2022 , despite its huge potential and need for quick , sustainable expansion . Irena is developing the Accelerated Partnership for Renewables in Africa ( APRA ) programme and arranging an investment meeting for APRA member countries later this year to address the urgent need for support and money .