September-October . 2024 | @ green

IRENA and Azerbaijan COP29 Presidency will convene global and regional stakeholders to mobilise investments for renewables-based energy transition projects across Central Asia

The event is strategically aligned with the COP29 priorities and action agenda outlined by President Designate Mukhtar Babayev in a recent letter to parties and constituents , focusing on enhancing ambition and enabling action , with climate finance underscored as a top priority .

IRENA Director-General Francesco La Camera said Central Asia held tremendous potential for renewable energy development . Yet , they faced significant challenges in attracting the necessary investment .

“ The COP29 Energy Transition Investment Forum in Baku is specifically designed to tackle investment barriers , coordinate action among stakeholders , and bring global exposure to projects from the region ,” said La Camera .

COP29 President-Designate Mukhtar Babayev added Azerbaijan was committed to a green energy transition . There was currently close cooperation with neighboring countries in Central Asia in the field of renewable energy .

“ Initiatives such as the recent agreement between the energy ministers of Azerbaijan , Uzbekistan and Kazakhstan on the interconnection of electricity systems are a testament to this cooperation ,” said Babayev .

“ When the world gathers in Baku this November , we hope that COP29 can serve as a springboard for Central Asia to progress on a green and just development pathway , aided by a young population , renewable energy capacity and vibrant economies , and attract the investment needed to continue on this path .”

Minister of Energy Parviz

Shahbazov stated Azerbaijan was taking crucial steps to realise the initiatives of strategic importance that enable the development of renewable energy with regional projects .

“ Interconnection of the energy systems of Azerbaijan , Kazakhstan , and Uzbekistan and delivering the huge energy potential of the Central Asian countries to the Turkish and European markets through green energy corridors is one of our priorities ,” said Shahbazov .

“ We ’ re convinced that the Energy Transition Investment Forum to be jointly held by IRENA and Azerbaijan during COP29

THE first-ever Global Renewables Summit , hosted by the Global Renewables Alliance and Bloomberg Philanthropies in partnership with global energy leaders , including IRENA , brought together decisionmakers from governments , intergovernmental organisations , finance and business .

The summit focused on delivering the commitment made at COP28 in the historic UAE Consensus to triple global renewable energy capacity by 2030 . It provided a platform to advance critical actions , including mobilising finance to support the scale-up of renewable energy deployment this decade . Speakers included distinguished leaders such as President of the European Commission Ursula von der Leyen , Prime Minister of Barbados Mia Mottley , President of Kenya William Ruto , COP28 President from the UAE Dr Sultan Al Jaber , COP29 President-Designate from Azerbaijan Mukhtar Babayev , and the UN Secretary-General ’ s Special Envoy on Climate Ambition and Solutions Michael R . Bloomberg . will be a productive platform that will strengthen the green energy partnership with the Central Asian countries , attract investors and energy companies and facilitate our joint projects .”

The two-day forum will offer a platform for enhanced dialogue among governments , financial institutions , investors , development partners , project developers , and other critical stakeholders regarding opportunities and challenges in advancing renewable energy development and scaling up investments in energy transitionrelated technologies to advance the UAE Consensus Outcomes achieved at COP 28 .

It will also feature opportunities for bilateral sessions and an exhibition area showcasing renewable energy projects from the region to global investors and stakeholders .

IRENA has invited project developers from Central Asia to submit their renewable energy and energy transition projects for potential matchmaking with investors and financiers at the Investment Forum .

Selected projects may also qualify for consideration by the Climate Investment Platform ( CIP ) and IRENA ’ s Energy Transition Accelerator Financing ( ETAF ).

Presenting one of the key announcements at the Summit , La Camera confirmed : “ The good news is that the business case for renewables has never been stronger . Our new cost analysis clearly shows that renewable power remains cost-competitive .

“ The outdated view of renewables being expensive is no longer an excuse for the lack of progress .

“ Low-cost renewables represent a key incentive to increase ambition and triple renewable power capacity by 2030 significantly .”

Eighty-one per cent of renewable power additions in 2023 were cheaper than fossil fuels , according to

IRENA ’ s new Renewable Power Generation Costs in 2023 report .

IRENA also endorsed an open letter , ‹ Now Deliver Change ,’ initiated by the Global Renewables Alliance together with over 100 international organisations and companies , urging world leaders to seize the opportunity of the upcoming NDC revisions under the Paris Agreement .

“ We can no longer afford delays or generic statements , nor can we expect others to lead or take action .

“ Going forward , we must raise ambition and ensure that commitments translate into fasttrack action and implementation ,” added La Camera . – @ green