MidLand, Jakarta – The International Energy Agency or IEA will work to ensure that the World Bank, regional development banks and other institutions prioritize investment costs power environmentally friendly in developing countries following last week’s COP28 summit. This was revealed by the executive director of the International Energy Agency, quoted by Reuters, on Saturday 23 December 2023.
Governments around the world agreed to double renewable energy production capacity by 2030 and transition away from fossil fuels at the COP28 UN climate conference in Dubai. However, there is no agreed mechanism to finance the green energy transition in developing countries.
Green energy investment in developing countries has remained unchanged since 2015, while globally it has almost doubled, with most of the growth coming from China and developed countries. IEA Executive Director Fatih Birol said this on Friday on the sidelines of an energy conference in Istanbul.
“For the IEA, the main question from here to Baku is how to find risk reduction mechanisms to ensure a flow of capital to emerging and developing countries,” Birol told Reuters. The next climate summit will be held in Baku next year.
The risk means that capital costs for investing in solar power plants in developing countries could be up to four times higher than capital costs in developed countries, hampering capital flows, Birol said.
Announcement
“It is our duty to ensure that financing green energy, de-risking such investments and providing concessional financing are key priorities for the World Bank, regional development banks and the financial sector.”
“We currently have more than enough capital in the world. If World Bank“Regional development banks and financial institutions provide guarantees and risk reduction mechanisms, then the money will flow in very quickly because the potential is very large,” he said.
Editor’s Choice: BMKG Predicts Rain For Christmas 2023 In This Region
Always update the latest information. Listen to the latest news and selected news from Tempo.co on the Telegram channel “Tempo.co Update”. Click https://t.me/tempodotcoupdate join. You must first install the Telegram application.
Quoted From Many Source
