The International Renewable Energy Agency (IRENA), in partnership with the Indian G20 Presidency, has launched a comprehensive report on how low-cost finance can accelerate the energy transition. Titled Low-Cost Energy Transition Finance, and developed in close collaboration with India’s Ministry of New and Renewable Energy (MNRE), the report provides a toolbox to increase the availability of low-cost capital in G20 countries and beyond.
The report has been introduced by IRENA’s Deputy Director-General, Gauri Singh, alongside MNRE Secretary, Bhupinder S Bhalla, and India’s Power Ministry Secretary, Alok Kumar. The unveiling took place at a side-event, jointly organized with MNRE and the Indian Renewable Energy Development Agency, during the G20’s 3rd Energy Transition Working Group (ETWG) in Mumbai.
In a statement issued on the launch of the report, IRENA Director-General Francesco La Camera said, “The global energy transition requires a rapid scale-up of renewable energy deployment globally, making access to low-cost finance urgently vital. We are proud to contribute to the work of the G20 and provide valuable insights that support India’s Presidency in facilitating access to affordable finance in developing and advanced economies.”
According to IRENA’s Preview of the World Energy Transitions Outlook, to meet the 1.50C climate goal, the renewable energy share in the primary energy mix should rise to about three-quarters, necessitating annual investments averaging over USD 5 trillion until 2030. However, access to funding in many emerging and low-income economies is insufficient, and often too costly.
