BAKU, Azerbaijan, November 15. Private sector investments in clean energy infrastructure have increased by 70 percent, US Secretary of Energy Jennifer Granholm said at a press conference within COP29, Trend reports.
"We are seeing private sector investments in clean energy technologies and infrastructure grow by 70 percent compared to last year," she said.
Granholm stressed that only the last four years had seen this progress.
"These are US investments aimed at expanding clean energy use. The incentives provided by the Inflation Reduction Act have allowed solar and wind energy producers to add renewable energy to the grid at unprecedented rates.
By the end of this year, we will have added 60 gigawatts of clean energy to our grid, double the previous amount. 70 percent of Americans support the Inflation Reduction Act," she added.
The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for “Conference of Parties” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
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