EBRD, IRENA to work on rapid growth of renewable energy

Oil&Gas Materials 13 January 2020 14:07 (UTC +04:00)
EBRD, IRENA to work on rapid growth of renewable energy

BAKU, Azerbaijan, Jan.13

By Leman Zeynalova – Trend:

The European Bank for Reconstruction and Development (EBRD) and the International Renewable Energy Agency (IRENA) will work on the rapid growth of renewable energy, Trend reports citing EBRD.

They have signed a Memorandum of Understanding (MoU) allowing the two organizations to strengthen their relationship and accelerate efforts to rapidly increase the share of renewable power in EBRD countries of operation.

The partners agreed to cooperate more closely in delivering technical assistance and capacity building to create the enabling framework for rapid growth of renewable energy, and to develop a pipeline of bankable renewable energy projects for financing by private investors and the EBRD and other partners.

Director-General Francesco La Camera said that renewables are the only readily available solution that will enable sustainable economic growth, close the energy and infrastructure gap and meet the climate and development ambitions at the same time.

“Today’s strategic partnership unites IRENA’s knowledge excellence on renewables with EBRD’s global portfolio to promote renewable energy investment. Through cooperation with partners on the Climate Investment Platform CIP we have started working towards unlocking the much-needed financial resources for clean energy transition particularly in developing countries. By addressing the key risks and barriers that hinder the scale-up of renewable investment, we will accelerate the low-carbon energy transition and promote sustainable growth,” added Francesco La Camera.

To date, the EBRD has signed 30 billion euros in green investments, financed over 1,600 green projects and reduced over 100 million tonnes of carbon emissions each year.

In 2019 alone, the Bank financed over 1.5GW of new renewable power, and aims to exceed this in 2020.

According to the US Energy Information Administration (EIA), worldwide renewable energy consumption increases by 3.1 percent per year between 2018 and 2050, compared with 0.6 percent annual growth in petroleum and other liquids, 0.4 percent growth in coal, and 1.1 percent annual growth in natural gas consumption.

“With the rapid growth of electricity generation, renewables—including solar, wind, and hydroelectric power—are the fastest-growing energy source between 2018 and 2050, surpassing petroleum and other liquids to become the most used energy source in the Reference case,” EIA said.


Follow the author on Twitter: @Lyaman_Zeyn