BAKU, Azerbaijan, November 15. It is necessary to provide affordable financing on the best terms, especially for emerging markets and economies, the director general of the International Renewable Energy Agency (IRENA), Francesco La Camera said during the Ministerial Meeting on the COP29 Energy Initiatives, Trend reports.
“By 2030, $31.5 trillion will be needed for investments in renewable energy, grids, flexibility, energy efficiency, and conservation. The new quantified financial target should send a clear signal in this direction. IRENA is here to support the COP29 Chair's call for the adoption of three green energy initiatives as practical steps to implement the Paris Agreement and attract investment in climate action through the energy transition.
In showcasing solidarity, we will send a clear signal to investors, industry, and civil society on the need to accelerate green energy investments,” he said.
IRENA was formally established in Bonn, Germany, in 2009. The Founding Conference represents a pivotal milestone in the global advancement of renewable energy deployment. Governments globally affirmed their dedication to transforming the global energy paradigm, with 75 nations endorsing the IRENA Statute at that time. IRENA serves as the global advocate for renewable energies, offering pragmatic guidance and assistance to both industrialized and developing nations to enhance their regulatory frameworks and strengthen their capacities.
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