According to the International Renewable Energy Agency (Irena), it is imperative to accelerate the deployment of renewable energies in developing countries. This need is all the more pressing given the growing demand for electricity and the significant deficit in access to energy in these regions.
COP28 objectives
One of Irena’s key recommendations is to triple the world’s renewable energy production capacity by 2030. This proposal is in line with the objectives set for the next COP28, which aims to limit global warming to 1.5°C compared with the pre-industrial era.
Financial challenges and solutions
The report indicates that average annual investment in renewable electricity generation should reach $1,300 billion in 2030, up from $486 billion in 2022. To facilitate this investment in developing countries, Irena suggests reforming the global financial architecture. This reform would minimize investment risk and facilitate access to low-cost financing.
Redirection of Public Capital
Irena insists on the need to redirect public capital from fossil fuels to renewable energies. This redirection is crucial to accelerating the energy transition, particularly in developing countries where only 2% of global investment in renewable energies was made between 2000 and 2020.
Innovations in Financing
To change this trajectory, Irena is proposing innovative financing models, such as “mixed financing”, which combines public and private funds, notably for the modernization of power grids.
Irena’s report highlights the crucial importance of accelerating the deployment of renewable energies in developing countries. It proposes concrete solutions, particularly in terms of financing, to achieve the ambitious climate targets set for 2030. The COP28 summit will be an important milestone in assessing the world’s willingness to take significant steps in this direction.
