United Nation (UN) Secretary-General António Guterres yesterday called for action from the Group of Twenty (G20) to mobilise the financial and technical resources that developing countries needed to ensure the energy transition.
He said this at the official opening of the14th Assembly of the International Renewable Energy Agency (IRENA) held in Abu Dhabi, United Arab Emirates.
The 14th IRENA Assembly presided over by Rwanda, gathered more than 1300 participants from 144 countries, including ministers, industry leaders, and CEOs to chart a strategic way forward across countries, regions, and the world, in light of the findings of the first Global Stocktake at COP28.
Guterres said developing countries must deliver on their COP28 finance commitments as it would be “simply impossible” for developing countries to transition to clean energy without finance and support..
Said Guterres, “Our collective future depends on collective action. That makes the work of IRENA critical. The renewables revolution is unstoppable. And the phaseout of fossil fuels is inevitable.
“Our task is to ensure the transition is fast enough, and fair enough – to limit the rise in global temperature to 1.5 degrees Celsius (1.5C), and bring the benefits of affordable clean power to everyone by 2030,” he said.
He emphasised that countries must act on their COP28 commitments, with the G20 in the lead to accelerate the fossil fuel phase-out this decade; the doubling of energy efficiency and tripling of renewables capacity; and to present new national climate action plans by 2025 that aligned with 1.5C and cover the whole economy.
Furthermore, Guterres called on IRENA to intensify its support to countries preparing their new national climate plans.
IRENA is the lead intergovernmental agency for the renewables-based energy transition in pursuit of a systemic change across the energy sectors.
“We also need a strong outcome at COP29, and reform of the business model of multilateral development banks to increase their lending potential and bolster their efforts to mobilise private finance. Together, let’s supercharge the renewables revolution,” he said.
Jimmy Gasore, Rwanda’s Minister of Infrastructure, also said urgent actions were needed to deliver on climate, energy and development goals.
Gasore said, “As we mobilise our actions, we must not forget that different countries and regions are faced with different needs, challenges, and opportunities. We must not forget that for many developing countries, the energy transition is key to ensuring universal access and overcoming energy poverty.”
He said international cooperation needed to be strengthened and to bring all hands on deck to ensure that progress was more equitably distributed.
“Indeed, these actions transcend sectors, and they transcend borders. They must be implemented nationally, regionally and globally, which requires greater financing and stronger national, regional, and international collaboration,” he said.
IRENA’s latest brief on ‘Tracking COP28 outcomes: Tripling renewable power capacity by 2030’ had highlighted that 2023 set a new record in renewables deployment, adding 473 gigawatts to the global energy mix.
Gasore said, “Yet, this is less than half of the 1100 GW of renewables capacity that must be installed each year, by 2030.
There is less than six years to achieve IRENA’s target of 43% emissions reductions to achieve the 1.5C trajectory.
At a Plenary Session on Tripling of Renewables, Kadri Simson, the Commissioner for Energy, EU, said the main challenge to this goal was public financing was not enough, we have to address the issue of how private financing will be accessible for all.“
Lisa Cummins, the Minister of Energy and Business, Barbados, pointed out that while investment was available, it was important to make financing available as regards the terms and conditions to be “fit for purpose” for developing conditions.
She explained further, “What we have seen in Barbados has been there has been an excess supply of investment resources and the development community have also come forward with additional resources to make that available. The problem comes with the terms and conditions of that capital and then, ultimately, if the supply of capex for transitioning is high, then that has a pass through effects on consumer prices making electricity unaffordable... resulting in increases in costs of living for consumers and for production.
“Access in financing must be fit for purpose,” Cummins said.
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