Financing Renewables in EMDEs Topped the IEA 50 Agenda

The Global Renewables Alliance (GRA), joined over 30 ministers energy ministers from around the world to celebrate the 50th anniversary of the International Energy Agency, IEA 50. The conference created a high-level forum for discussions on how to deliver on the tripling of renewables goal, set at COP28.

Paris, 16 February, 2024 | Redirecting financial flows to renewables in emerging markets and developing economies (EMDEs) is a crucial move to reach the global goal to triple renewable energy capacity by 2030.

“Rapid renewable energy growth is now inevitable and secured long term, not just because it is cost competitive, but it is now at the centre of industry, security and economic policies,” said Fatih Birol, Executive Director of the IEA on the first day of the conference.

Bruce Douglas, CEO of GRA, meeting John Kerry, US Special Climate Envoy, and Fatih Birol, Executive Director of the IEA

Invited as the primary representative for renewables industries, the Global Renewables Alliance, highlighted the urgency of mobilising investments to triple renewables and the vital role of EMDEs in ministerial dialogues and meetings with numerous energy ministers from around the world, and leaders from International Energy Agency (IEA), Sustainable Energy for All (SEforALL) , The World Bank , United Nations , Clean Energy Ministerial, International Renewable Energy Agency (IRENA), European Climate Foundation, Google, and many others.

The continued support for the tripling goal was evident in conversations with ministers and stakeholders:

“The threat of climate tipping points is now being matched by the opportunity of clean energy tipping points,” said John Kerry, US Special Climate Envoy, while repeating his commitment to triple global renewables.

Sumant Sinha, Founder, Chairman and CEO of ReNew, taking the floor at the IEA Industrial Dialogue

Tripling renewables is the most effective action to reroute onto the 1.5°C pathway, shown in our joint report with IRENA and the COP28 UAE Presidency, and agreed by the world leaders who set the tripling goal at COP28.

To reach the goal by 2030, Climate Analytics finds in their latest publication that clean energy investments need to surge to $2 trillion a year. Most urgently, financial flows must be redirected to EMDEs where the renewables acceleration must be much faster than the global average, and in Sub-Saharan Africa it needs to increase by a factor of seven.

Figure 1. Tripling Renewables, Source: IRENA, COP28 and GRA, 2023. Figure 2. Global investment in clean electricity needs to double to limit warming to 1.5°C, Source: Climate Analytics, 2024

Accelerating renewables investments in Africa was at the centre of the discussions at the High-Level Dialogue on Renewable Energy and Sustainable Economic Development in Africa.

“Africa receives less than 1.5% of global renewable energy investments. African countries want to grow at the same rates as the rest of the world,” said Damilola Ogunbiyi, CEO of Sustainable Energy for All (SEforALL) and Co-Chair of UN Energy.

“The global tripling goal requires Africa to increase its renewables capacity five-folds by 2030. It is possible, but to get there, finance and international support to provide access to low-cost capital for emerging markets must be mobilised,” said Bruce Douglas, CEO of the Global Renewables Alliance in his statement at the meeting.

Damilola Ogunbiyi, CEO of SEforALL and Co-Chair of UN Energy, speaking at the High-Level Dialogue on Renewable Energy and Sustainable Economic Development in Africa

The IEA Ministerial Communique 2024 reflects the discussions at the conference, reassuring commitment to the tripling goal and the crucial role renewable energy plays for energy security: “We underscore again that energy and climate security are inextricably linked and emphasise that clean energy transitions ensure energy security,” highlights the Communique.

As part of this, the ministers commit to fortifying renewables supply chains: “We commit to work within the IEA, as the leading international energy security organisation, to foster market transparency for renewable and other clean energy supply chains, establish mechanisms for sustainable, responsible and resilient supply, including those focusing on supply chain traceability, and ensure coordination with other international fora to avoid duplication.”

Aligned with our joint report with IRENA and the COP28 Presidency, the ministers encourage mobilisation of capital globally in line with the tripling target, emphasising the need to “scale up private finance for clean energy in emerging and developing economies”, and “welcome recommendations on unlocking clean energy investment by lowering the cost of capital in emerging markets and developing economies”.


About the Global Renewables Alliance

The Global Renewables Alliance ( GRA) represents the leading international industry players and provides a unified renewable energy voice. Comprised of founding members the Global Wind Energy Council, the Global Solar Council, the International Hydropower Association, the International Geothermal Association, the Long Duration Energy Storage Council and the Green Hydrogen Organisation, the Alliance aims to increase ambition and accelerate the uptake of renewable energy across the world. #3xRenewables

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