IRENA calls for boost in public funding for renewable energy projects worldwide

The International Renewable Energy Agency (IRENA) has urged countries around the world to allocate more public finance to providing access to green energy during the Assembly in Abu Dhabi, Azernews reports, citing the statement of IRENA.

"With 7 years remaining to reach the 2030 Sustainable Development Goals (SDGs), it's crucial to note that an estimated 660 million people will still lack access to electricity by that deadline. Therefore, political and governmental support is imperative. While there's advancement in international financial flows and private investment in clean energy, bridging the financing gap necessitates significant public financing," said IRENA, which hosted a thematic roundtable that was attended by the Azerbaijani delegation.

During the roundtable, the unveiling of a new IRENA report titled "Public Financing for Universal Energy Access" aimed to assist policymakers and public financiers in tracking and optimising public financing for promoting energy access. It also aimed to identify tools for directing public funds towards various solutions.

IRENA specifically advocates for the establishment of off-grid electricity systems and mini-grids for electricity, as well as incentives for the adoption of renewable energy sources for clean cooking.

"Enhancing the landscape of public finance can profoundly affect numerous sectors globally, such as education, health, and agriculture," remarked Ntsebo Sephelane, associate specialist at IRENA's Centre for Policy and Finance.

The roundtable acknowledged the necessity for affordable financing and regulatory frameworks that ensure a greater role for public finance. This includes mitigating investment risks to ensure that energy access projects can effectively impact communities.