

IRENA 15A: Assembly Live Coverage
Newsletter
Welcome to the Fifteenth session of the IRENA Assembly under a theme: Accelerating the Renewable Energy Transition – The Way Forward (Energy security, Socio-economic development and Financing options).
This Assembly session gathered over 1450 participants, including global leaders and energy decision-makers to discuss progress and outline actions to accelerate the global renewable energy transition, aligned with the UAE Consensus, the 2030 Sustainable Development Agenda, and the Paris Agreement.
Follow this page for live blog from all sessions on 12 and 13 January and check IRENA social media channels for updates on #IRENA15A.
See the full schedule and live stream here.
See the live stream of the Opening session and welcoming remarks:
The 15th IRENA Assembly, marking the 5th World Energy Transition Day, is officially open. The President of the 15th Assembly is H.E. Mr. Bojan Kumer, Minister of the Environment, Climate and Energy of Slovenia who wholeheartedly welcomed all the participants. He delivered brief remarks, saying, “The urgency of our missions is critical. Renewable energy sources are indispensable in our journey to decarbonization and a sustainable future for all. Let me also emphasise that we are also at a critical time for accelerating our efforts to triple renewable energy capacity. We understand that the principle of a just global transition is on our minds,” adding that synergy is required between the deployment of renewable energy technology to address energy poverty. He continued his remarks by focusing on the need for ambitions to translate on the ground so that, concluding, “Together and only together we must translate our shared vision into actional able results.”
IRENA Director-General, Francesco La Camera delivered his opening remarks, emphasizing the global collaboration and engagement, sharing policies and strategies to drive socio-economic development are key to accelerating the energy transitions. he said: “Renewables offer the path forward, a means to reduce dependency on finite sources, stabilize energy costs and empower countries to harness their domestic resources on energy dependence." He concluded, “The theme of this Assembly is not just a call for acceleration but is a reminder of our collective responsibility. The renewable energy transition represents a unique convergence of economic opportunity, social equity and environmental stewardship.”
In his message for #IRENA15A, @UN Secretary-General @antonioguterres reflected on the commendable revolution of clean energy, @IRENA's leadership & stressed for immediate action on 3 key areas:
— IRENA (@IRENA) January 12, 2025
➡️Govts must reflect clean energy plans in the next round of #NDCs,
➡️Mobilisation of… pic.twitter.com/Z4JKIwHAx8
Her Excellency Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, United Arab Emirates delivered the remarks of the Host Country, “The world around us is changing, constantly and rapidly. Climate change is no longer on the way, it is knocking on the door,” she stated, reminding the Assembly of the urgency to decarbonize the global energy systems. She highlighted the key enablers of the energy transition, including technology, financing and skills and capacities developemnt are core components for a holistic approach towards tripling renewables by 2030 and to achieve a just energy transition. She added: “While the challenges we face are immense, so is our potential to overcome them. Together, we have the tools, the knowledge, and the determination to shape a future where renewable energy powers prosperity and sustainability for all. Let us move forward with ambition and shared purpose.” |
![]() |
🚨News from #IRENA15A: Marking the 1st international energy meeting of the year, the @IRENA Assembly convenes 170 Member States, academia, development banks, CEOs & youth in Abu Dhabi to enhance wider, cross-sectoral collaboration on the energy transition.
— IRENA (@IRENA) January 12, 2025
In light of fostering… pic.twitter.com/QKGgPCnwMO
High-level Panel
Accelerating the Energy Transition – The Way Forward
The day commences with the high-level panel discussions that explore the multidimensional challenges of accelerating the energy transition while ensuring prosperity and energy security. Francesco La Camera, IRENA Director-General delivers scene-setting remarks saying: “The next five years will be decisive. We have a joint responsibility to find solutions to these challenges and IRENA remains your committed partner and supporter in accelerating the renewables-based energy transition.”
See the live stream:
As moderator of the session, Becky Anderson, CNN reminded the audience about the multidimensional challenges faced in accelerating the energy transition, making note remarkable strides globally while highlighting the significant challenges and barrier that remain. She said, “These must be urgently addressed for the tripling goal to be achieved by 2030. We will discuss to maximise COP30 and future sessions and the next submission of Nationally Determined Contributions (NDCs) to propel a just and inclusive energy transition.”
She proceeded to engage the panelists, asking them on their thoughts on unpredictability of where we are heading in 2025 and what can be done for the energy transition. Mr. Amine Idriss Adoum, Director of Economy, Infrastructure, Trade, and Regional Integration, African Union Development Agency mentioned that the last year was the hottest year on record, and we are in the climate emergency but despite the ongoing challenges we are also seeing the acceleration in energy transition. “The pace of energy transition is accelerating at unprecedented rate, and the costs are falling, currently making renewables the cheapest source of new power. Yet, developing countries face barriers and obstacles”, he added. “Transition is inevitable, and it is unstoppable,” he continued, saying that by working together, we need to ensure no countries and communities are left behind.
H.E. Selwin Hart, Special Adviser to the Secretary-General on Climate Action and Just Transition, United Nations spoke about energy security, highlighting the need for expanding renewables in developing nations. “This notion that the dependence and reliance on fossil fuels for energy resiliency is a false narrative,” he underlined. He agreed that the developing world must not be left behind in the energy transitions. He concluded mentioning the need to bring the global community and various stakeholders together, saying “We are all in with supporting the developing world and support countries to bridge differences and to ensure that in a divided and complex world, everyone remains focused on ensuring a just and prosperous future for all."
The discussion is ongoing. Reflecting on the challenge posed by access to financing, Hon. Lisa Cummins, Minister of Energy and Business Development, Barbados highlighted the experience of her country as a Small Island Developing State. Underlining that private capital bears the risk of high cost of capital, she stressed that return on investment on renewable energy projects must be quantified. She concluded saying "There has to be a mechanism of blended finance to see the impact of electricity cost to the consumer."
Ms. Ditte Juul Jørgensen, Director-General, DGENER, European Commission said, “We know that the only way forward is investment and deployment into renewable energy, into energy infrastructure. We can only do that in an efficient way if we work together more closely” reflecting on the interconnectedness in the European Union when it comes to renewable energy policy and climate policy, encouraging other countries to work closely together to lower the cost of capital, lower risk, and place enabling policies to ensure investment to accelerate the progress of the energy transition. “It is not acceptable that several hundred million people do not have access to electricity,” she added, saying, “The global context is challenging but that is nothing compared to the challenges faced in other parts of the world and the need for us to work together. There is no security without climate security, there is no economic security without climate security. There is no alternative to making sure that the investments happen globally,” reminding speakers about the disparity in global investment and the need to ensure that nobody is left behind.
Representing Brazil, the host of COP30, H.E. Mr Alexandre Silveira de Oliveira, Minister of Mines and Energy, outlined that "The reality is that Brazil is still facing electricity poverty. This is why our government is trying to scale up renewable power such as solar, abundant in Brazil. This is what we need to drive our sustainable economic growth," he concluded. IN his conclusion, he extended the Brazilian government's invitation to contribute to further discussions at COP30 in 2025, encouraging Members to work together to achieve a just and equitable energy transition.
During her interventions, H.E. Ms. Betty Solo Viñas, Vice Minister of Energy and Mines, Dominican Republic spoke about the challenges faced by small island nations as they expand the use of renewables while tackling their vulnerability to the impact of climate change. She also highlighted the lack of access to financing and energy storage as key issues that need to be addressed regionally. However, she also made note of opportunities for growth and expansion of renewables in the region saying, “Natural resources, we can harness our wind and solar potential to diversity our energy matrix. Regional cooperation and collaboration can help facilitate the exchange of technology and best practices in renewable energy development."
The discussion continued with the panel participants concluding that the global energy transition indeed faces multiple barriers, especially financing gaps impacting developing countries. Yet, tools and technologies exist and the transition is unstoppable – and it must not leave anyone behind.
The second session of this high-level panel centres around Moving from Global to Regional – Opportunities for accelerated action to tripling renewable power capacity (3X). The discussion is also moderated by Becky Anderson, CNN who sets the scene for an upcoming discussion.
The first speaker of this panel, Mr. Abdulaziz Alobaidli, Chief Operating Officer, Masdar provided an example of Masdar, as an investor, who focuses on countries with clear targets and policies that are willing to deploy renewables. He underlined that international collaboration, including collaboration between developers, partners and government is key to accelerate deployment of renewables in developing markets.
Talking about the role of governments in creating the policy environment to enable increased deployment of renewables, Mr. Ben Backwell, Chief Executive Officer of the Global Wind Energy Council and Chair of Global Renewables Alliance brought up planning and permission, saying "while not exciting, they are a key issue that needs to be addressed so that projects that are on hold and on paper can be implemented." He added, “The private sector can make use of innovative financing tools so that funds are directed to projects on the ground as the direction of the world is clear,” highlighting the speed in which the private sector can translate ambition into action.
“Apart from the bankability issue, there’s a policy issue. In Mission 300, we are targeting to provide electricity access to 300 million people. And this cannot be business as usual. We will require deep reforms as we are undertaking joint efforts with countries and the world bank in this endeavour. Unless you are able to address the barriers and create an enabling environment as well as reforms, we will not get anywhere,” said Dr. Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, African Development Bank on the scale of changes that are needed to create the right environment on the ground to ensure that underserved communities and developing economies can attract the investment needed to accelerate their energy transition plans.
Dr Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, @AfDB_Group stressed that for the energy transition to be successful, we must address barriers and create an enabling environment, coupled with concrete reforms.
— IRENA (@IRENA) January 12, 2025
Reflecting on next steps, he… pic.twitter.com/DfiUt9XnSg
The discussion on issues and barriers to tripling renewable power capacity by 2030 continues. Mr. Andres Rebolledo Smitmans, Executive Secretary, OLADE said the discussions between the public and private sector can help to develop an adequate regulation framework, that can in turn create the environment to draw in investment. "The crucial issue for regulation framework is to adapt mindset of a long-term approach. This means applying norms beyond a single political period and we can see this in the countries that are successful in attracting investment for long-term renewable energy projects,” he concluded. He stressed the importance of implementing lasting frameworks with stable policy environments, particularly in developing countries to accelerate the implementation low risk renewables projects.
In conclusion, the discussions explored the significance of macroeconomic planning, private finance, and international cooperation, especially in developing countries in Africa and beyond.
Leaders highlighted key strategies for mobilising affordable climate finance and emphasised the need for equitable benefits from the energy transition. The two Davos-style panels addressed both global and regional perspectives, stressing how future COP sessions and the upcoming submission of Nationally Determined Contributions (NDCs) could further propel a just and inclusive energy transition.
Climate Principles to Unlock Grid Financing
The session presents findings from Climate Finance Principles for Green Grids, aiming to establish interoperability, dialogue, and trust among stakeholders.
Government, private sector leaders and civil society representatives discussed how to expand renewable energy to reach 100% by 2050 during this session. They will explore phasing out fossil fuels and nuclear sources by using subsidies, accelerating innovation, strengthening capacity building, and removing regulatory and financial barriers.
See the live stream of the Climate Principles to Unlock Grid Financing:
“Climate finance principles of green grids offer a starting point that create clear criteria in green grids. This will foster trust among stakeholders and facilitate the scaling of investments required to expand, maintain and modernise energy infrastructure, particularly in emerging markets," said Mr. Jasim Thabet, CEO TAQA, TAQA, UNEZA Co-Chair in his opening remarks. He added that diverse and innovative financial tools are key to unlock grid investment, with multilateral development banks having a vital role in ensuring that targeted investments can lead to deployments on green grids on the ground.
The session continues with participants from the utilities sector, finance partners, IRENA members, and key stakeholders talking about building investor consensus and overcoming barriers to scaling grid infrastructure investments through innovative financial structures and mechanisms aligned with sustainability and decarbonization goals.
Speakers highlight the principles’ role in advancing the COP28 UAE consensus and the COP29 Global Energy Storage and Grids Pledge. The session also addressed plans for UNEZA and GGI to issue a joint Open Letter to multilateral development banks, encouraging increasing investments to modernise and expand grid infrastructure, and endorse the Climate Finance Principles for Green Grids, which establish a unified definition of what a “green grid” is.
Annual Report of the Director General on the Implementation of the Work Programme and Budget for 2024-2025
This afternoon’s Plenary sessions commence with the Annual Report of the Director General, progressing to the Member interventions. Follow on live stream.
See the live stream:
Ministerial Roundtable: Accelerating Africa’s Energy Transition and Green Industrialization Agenda
During this ministerial roundtable, members from the Accelerated Partnership for Renewables in Africa (APRA) and partner countries will reflect on the one-year implementation of partnership and the way forward.
See the live stream:
Rooted in the Nairobi Declaration on Climate Change and launched at COP28 in Dubai by African countries and international partners, the Accelerated Partnership for Renewables in Africa (APRA), is designed to help realise Africa’s vision for sustainable socioeconomic development.
H.E. Tom Alweendo, Ministry of Mines and Energy, Namibia opened the session outlining the goal of today’s gathering – to take stock of outcomes to date and plan the way forward. IRENA Deputy-General, Francesco La Camera delivered the welcoming remarks and thanked countries involved in the APRA Partnership. “We are leading a change in green energy’, he said.
Safiatou Alzouma, Special Advisor, Energy Transition, Climate, Green Industrialization provided a short overview of APRA and status of its Membership, saying that the initiative’s goal is country-driven support accelerating energy transition, aligning them with existing planning strategies and goals.
During the next segment of this event, a discussion moderated by John Defterios, will focus on systemic changes needed to attract the necessary capital for transformative renewable energy projects that align with Africa’s broader economic and development goals. John Defterios mentioned that investment in renewable energy in Africa has declined last year. In fact, Africa received 40 times less than the world average per capita transition-related investment while globally, the investment was at record high and less than 2% of this went to Africa. He added that 5 APRA nations had already submitted their NDCs, remarking on their steadfast approach towards aligning their renewable energy ambitions with their broader developmental goals.
H.E. Mr. Ole Thonke, Under Secretary for Development Policy, Denmark expressed country's full support to APRA and encouraged other countries of the Global North to join as partners. He also confirmed that indeed that the private investors still need that guarantees. He has given an example of a solution to this issue saying that Denmark have really worked closely with the USA where we provide either a guarantee or grant to private investors to drive investments in the continent.
H.E. Tom Alweendo, Ministry of Mines and Energy, Namibia and vice-President of the 15th Assembly brough up the earlier-mentioned lack of skills for renewable deployment in Africa. He pointed out that it would be more effective to develop skills necessary when people already work on projects - on the job skilling is an answer to this issue, he concluded.
“The continent has huge renewable energy potential,” said H.E. Dr. Jimmy Gasore, Minister of Infrastructure, Rwanda. He recognised the private investors’ need for guarantees and suggested regional cooperation as a solution. This would guarantee the benefits from economy of scale and provide more confidence to the private investors.
H.E. Mr. Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability Affairs, United Arab Emirates offered key action steps to create the necessary environment to attract capital to aid Africa in his green economic growth and development. “If we are to move the needle to fastrack the energy transition in Africa, it is doable if we make a meaningful contribution as follows. Improving financing mechanisms to mitigate risks, developing green financing mechanisms like green bonds and blended finance, enhancing policy frameworks with long-term energy transition plans, strengthening regional cooperation, building local capacity by investing in skills and local manufacturing, improving project development to develop a pipeline of local renewable energy project. And last but not least, leveraging natural resources to utilise Africa’s wind and solar potential for green industrialisation,” he outlines.
“We need to have strong regulatory bodies, to look at the interest of the investor, price electricity correctly and safeguard the interests of the African population,” says Mr. Alex Wachira, Principal Secretary, Department for Energy, Kenya on the need to attract capital while balancing that with the need ensure that electricity sourced from renewables is accessible to all.
The discussion moved on to feature interventions by national and international partners focused on the ways APRA can engage new partners through a holistic approach that aligns their contributions with Africa’s broader energy transition and green industrialization objectives for maximum impact across the continent.
“Germany will further contribute with technical contribution, and we try to find blended finance instruments to mobilise private equity” says Mr. Marcus Hicken, Director for Energy Diplomacy, Climate and Security, Germany when speaking on the holistic nature of Germany’s support to APRA members. He added, “The implementation office by UNOPS also includes the establishment of a multidonor fund to implement APRA’s activities. We heard the call for new partners and there are ample opportunities to deposit funds there,” expanding on the newly establishment implementation office opened in Nairobi to help direct and target funds to expand renewable energy adoption on the ground.
Japan has recently joined APRA as its partner. Ms. Yasuko Nishimura, Director for Resource Security, Ministry of Foreign Affairs, Japan provided an overview of the country’s extended assistance in enhancing renewable energy and fordable clean energy access in Africa. This includes power generation, off-grid electricity and energy access to rural area in APRA countries,” she summarized.
“I do appreciate the engagement from APRA and partner countries. It is encouraging to see how the various partners are aligning their efforts with what we want to do with APRA,” says H.E. Tom Alweendo, Ministry of Mines and Energy, Namibia and vice-President of the 15th Assembly in his closing remarks.
In conclusion, the discussions centred on attracting capital aligned with Africa’s broader economic development goals, as well as optimising support structures for long-term sustainability. Panellists also explored strategies to engage new donors holistically to ensure that potential contributions will bolster Africa’s energy transition and industrialisation priorities. Emphasis was placed on greater regional and international coordination for a holistic approach to accelerate the continent’s shift towards a green energy transition and green industrialisation.
High-Level Ministerial Roundtable on Scaling up Finance to Support the Energy Transition in Emerging Markets and Developing Economies
During this high-level roundtable, Ministers, IRENA Members and stakeholders discuss the gaps in the current financing system and how they slow down support from developed to developing countries in achieving a just energy transition.
See the live stream:
In her keynote speech, Hon. Ms. Lisa Cummins, Minister of Energy and Business, Barbados spoke about new and innovative forms of financing as a means of finding solutions and on the importance of developmental partners working hand in glove to unlock new investment opportunities saying, “As we talk about the shared challenges around climate, the need for us to triple and scale up renewables and scale up finance, innovative financial mechanisms like sustainability linked loans and debt for climate swaps are an important part of the arsenal for countries sitting around the table.”
This session is moderated by Rachel Kyte, UK climate envoy who cordially welcomed the participants and outlined the key themes of this roundtable.
Mrs Ditte Juul Jørgensen, Director-General, EU Commission outlined a need for private sector involvement to direct finds to emerging markets by building partnerships, “if we can work together set up precise risks assessments, that will help draw in capital and financing at a lower cost in order to build local capacity in emerging markets.”
“We need to lower the costs for capital for renewable energy developers. We need to find a way for multilateral developmental partners to fund the private sector with lower cast of capital. At the end of the day, in order for the energy transition to be just, we need to able to afford the electricity generated from renewable energy. But in order for that to happen, we hope our partners would be able to address the financing gap," says Mrs Rowena Cristina L. Guevara, Undersecretary of the Department of Energy, Philippines, calling for the use of transition credits to derisk the energy transition and make it cost-effective for emerging markets.
Mrs Rowena Cristina L. Guevara, Undersecretary of @DOEgovph stressed the need to lower the costs for capital for renewable energy developers. She further added, "At the end of the day, in order for the #energytransition to be just, we need to able to afford the electricity… pic.twitter.com/Y0N9qaUQak
— IRENA (@IRENA) January 12, 2025
“First, it is important to facilitate access to climate and finance clean energy funds to local financial institutions, including in local currencies. Second, provide technical assistance to local financial institutions and local financial regulators. Third, ensuring concessional finance targets for sectors that are new for countries looking to kickstart new projects. And lastly, working with partner governments to create policy frameworks and strengthen market conditions that are conducive to needed level of investment “outlined Mr. Yuval Laster, Head of Green Finance, Investment and Global Relations, OECD, on the steps that developing countries can use to capitalize their local financial systems to create investment opportunities in order scale up renewable energy projects.
During the high-level session, Ministers and @IRENA members discussed how gaps in the current financing system can slow down support from developed to developing countries in achieving a just #energytransition. They stressed to boost private investment through improved… pic.twitter.com/uTc2YbzdKs
— IRENA (@IRENA) January 12, 2025
In conclusion, the roundtable participants examined policy reforms and technical assistance partnerships to strengthen the energy and finance sectors, focusing on enabling conditions and institutional capacity. The discussion emphasised boosting private investment through improved concessional financing to reduce risks and attract private capital. Overall, the session stressed the urgency of coordinated efforts across global, regional, and national levels—aligned with the Global Stocktake goals—and reaffirmed the value of integrated solutions for sustainable development.
High-level Panel on Energy Transition Pathways in Emerging Economies
In this session, high-level representatives from emerging economies will discuss pathways to accelerate the energy transition in emerging economies and the immediate need to scale up renewable generation and harness public finance to derisk private capital. Countries will share their progress toward net-zero targets, the critical role of global forums such as the G20 and BRICS, and the importance of South-South cooperation.
See the live stream:
H.E Amna Bint Abdullah Al Dahak Al Shamsi, Vice-President of the 15th Assembly and Minister of Climate Change and Environment, UAE opened the High-level Panel on Energy Transition Pathways in Emerging Economies by emphasising the need to accelerate the renewable energy transition, particularly for countries in the Global South and find pathways for implementing the UAE Consensus.
In her welcoming remarks, Ms. Gauri Singh, Deputy Director-General, IRENA said, “Achieving these targets will require cumulative investments of nearly USD $31 trillion, electrical networks, grid flexibility measure and conservations,” outlining the measures needed to triple renewable energy capacity and double energy efficiency by 2030. She added, “Emerging economies will play an essential role in securing the necessary investment to meet these ambitious goals. To scale up energy transition and investment, it is vital to mobilise public and private sector financing that are supported by international collaboration and robust enabling polices. Public funds must be deployed to derisk investment, leverage private capital and provide low-cost, long-term financing for energy transition projects,” highlighting the role that emerging economies will play in the path ahead, requiring a diverse group of stakeholders to collaborate in order to scale up renewable energy deployment.
Gurbuz Gonul, Director, Country Engagement and Partnerships, IRENA provided an overview of IRENA activities supporting the realisation of the tripling renewable power capacity by 2030 goal, in particular on the country level, with an aim to raise the energy ambitions. Tripling renewable power capacity is technically feasible and financially viable but we need to focus one emerging and developing economies. Visible regional disparities are on the rise. Over 150 EMDEs outside China, India and Brazil received 10% of energy transition investment, including key markets such as Viet Nam and Poland. “Stronger international cooperation can mobilise larger climate finance,” he concluded, following to point our key actions that would leverage finance to scale investment in emerging economies.
The commencing panel discussion is moderated by Melinda Crane, who opened the session by outlining the key themes and introducing the panel. “If we do not act to correct this glaring disparity in global investment flow and unleash more capital for emerging countries’ energy transitions, we will fail to realise our global net-zero goals,” adding that that a collective effort is needed in achieving the level of investment needed to expanding energy transition infrastructure for a just transition.
H.E. Alparslan Bayraktar, Vice-President of the 15th Assembly and Minister for Energy and Natural Resources, Türkiye mentioned major challenges of his country, shared by many emerging economies: “We have major challenges in our energy markets, we need to meet demand growth and we are reliant on imported resources." He pinpointed the single biggest roadblock towards increasing financial flows: lack of incentives for international institutions to mobilise the country’s small and medium domestic enterprises to spur job growth and expand the adoption of renewables.
Reflecting on major challenges faced by Turkiye, H.E. Alparslan Bayraktar, Vice-President of #IRENA15A and Minister for Energy and Natural Resources of Türkiye indicated that demand in energy quadrupled in the last two decades & 2/3rd of the nation’s energy comes from imported… pic.twitter.com/SBAyiWeZHh
— IRENA (@IRENA) January 13, 2025
“We have to look to every single point to see where renewable energy is going to be installed to maximise the potential of wind and solar to meet both industrial and household energy demands, “said H.E. Dr. Mahmoud Mustafa Kamal Esmat, Minister of Electricity and Renewable Energy, Egypt during his interventions on the challenges faced to expand renewable energy installation. He also noted that creating a low-risk environment for investors is going to be important to grow investment flows.
“Another challenge that we cannot overlook is storage. We have a lack of installed storage capacity that requires collaboration with the international community to accelerate our energy transition.” said H.E Ms. Betty Soto, Vice Minister of Innovation and Energy Transition, Ministry of Energy and Mines, Dominican Republic, emphasising the need for greater investment to better integrate energy efficiency into the country’s energy grid and to reduce households costs through a reliable and clean energy source.
Mr. Alex Wachira, Principal Secretary, State Department for Energy, Kenya followed up on the current disparities and lack of infrastructure reliable transmit power, “We have a challenge of transmission, and we are not able to efficiently deliver as much power as needed. By bringing on board private capital as we have in power generation, we can develop transmission lines to connect households and provide a reliable source of electricity." He added, “We need to bring on board concessional financing and provide tax incentives to attract private sector investment,” highlighting the tools needed to increase international financial flows to achieve Kenya’s energy transition goals.
H.E. Ahmed Al Kaabi, Assistant Undersecretary for Electricity, Water, and Future Energy, UAE shared lessons learned, providing long-term advice for other countries on how to make progress towards achieving renewable energy targets, “We learned was that we must have the vision, leadership and action plans to reach our goals to reach our net-zero goals. We need partnerships, technology and global involvement to delivery renewables and achieve energy efficiency by upgrading systems,” adding the goal of furthering the adoption of renewables requires a collective effort.
The moderator, Melinda Crane asked the session participants to briefly outline what are the most important levers needed to accelerate the energy transition in emerging economies. Dr. Sheng Li, Director General of China Renewable Energy Engineering Institute (CREEI), China said: “Cross-border electricity trade, regional cooperation and technology trade are some of the key areas to advance South-South cooperation to increase the deployment of renewables.”
Mr. Harry Boyd-Carpenter, Managing Director, Sustainable Infrastructure Group at EBRD the current challenges holding back progress on the energy transition, requiring collective efforts and better cooperation between countries, “We have to resolve the tensions around trade. The green energy transition requires the biggest and fastest wave of investment in economic history. The goods at the heart of that are globally traded and need to be affordable. At the same time, every country involved in the energy transition has to give something out of it and provide value to others. If we don’t solve that tension, we will never realise the promise of the energy transition.”
Closing the panel, Melinda Crane spotlighting the fact that the challenges faced in each country vary, and that support for emerging economies through knowledge transfers and increased international financing will be key to ensure that nobody is left behind in the energy transition.
Tripling Impact in Small Island Developing States: Accelerating Renewables, Climate Resilience and Sustainable Development
During this high-level session, ministers from Small Islands States Developing States (SIDS), other government representatives and private sector leaders will explore how to accelerate the energy transition in SIDS, reflecting on the priorities outlined in the Antigua and Barbuda Agenda for SIDS (ABAS) and recent climate discussions, including the 27th IRENA Council and the latest COP29.
See the live stream:
Delivering the opening remarks of the session, H.E. Mr. Alparslan Bayraktar, Vice-President of 15th Assembly and Minister of Energy and Natural Resources, Türkiye by focusing on the need of various strategies to catalyse meaningful action to triples renewables and increase climate resiliency in Small Islands Developing States.
During her introductory remarks, Ms. Gauri Singh, Deputy Director-General, IRENA championed the cause of building climate resiliency while highlighting the urgency facing the island nations, “Today we turn our focus to the essential resources, capacities and strategies to scale up the renewable energy transition in SIDS. This is not just an aspiration for SIDS, it is a non-negotiable need that is imperative for their survival, resilience and prosperity. In response to this reality, a transformative shift in financial capacity and technical support is critical, recognising the critical role that energy plays in fostering sustainable development.”
🔴Real-time insights and creating global impact at #IRENA15A👉High-level dialogue on tripling impact in Small Island Developing States: Accelerating renewables, climate resilience and sustainable development is happening now: https://t.co/e33h3AMw8L
— IRENA (@IRENA) January 13, 2025
Watch📽️⤵️ pic.twitter.com/XhM4xHFhbK
Mr. Tumasie Blair, Deputy Permanent Representative of Antigua and Barbuda to the United Nations Panelists opened the first panel on financing energy transitions, climate resilience and inclusive solutions by spotlighting the need for enhancing support and investment, addressing the barriers to access and mobilise finance for renewable energy, developing local capacity and technology, and removal of structural barriers.
"13.5% of our GDP is spent on fossil fuels imports and this is not sustainable, fiscally or environmentally. We need to increase our share of locally produced renewable energy so that we can divert funds to other developmental needs," said H.E. Mr. Thoriq Ibrahim, Minister of Climate Change, Environment and Energy, Maldives. "We started with policies that are friendly to private sector investment. And with the help of multilateral partners and banks, we have developed programs where we have friendly payment programs where we can scale up renewables capacity at an affordable cost,” he continued, highlighting how international financial funds can help foster innovation and local technological advancement.
“Financing is readily available, but the derisking mechanisms that are being used to make projects bankable, many of our developmental partners are not consistent with reality of small island developing states. There has to be a conversation about the appropriate risk strategies to be used to make projects bankable,” says Hon. Ms. Lisa Cummins, Minister of Energy and Business, Barbados. She underlined the existing gaps between financial institutions and reality on the ground, calling for new financial measures and tools to aid small island nations in their renewable energy targets and broader developmental goals.
Reflecting on challenges faced by Fiji in attracting renewable energy financing, Hon. Ro Filipe Tuisawau, Minister of Public Works and Meteorological Services, Fiji indicated that their 2026 targets include 100% electricity, majority of which will be renewable targets. Highlighting that climate change poses a huge risk for SIDS, and bankability is an issue: “We have various institutions working with Fiji government, but one of the key words which has hindered our progress is the word “bankable," he concluded." He also pointed out that Fiji works with private institutions such as ADB and World Bank to accelerate the energy transition progress.
Mr. Gurbuz Gonul, Director, Country Engagement and Partnerships opened the second panel discussion on Maximizing impact of energy transition in SIDS through technology transfer and capacity building by highlighting the need for technology and skills development to build local capacity so that ambition can turn into action on the ground to accelerate the deployment of renewables.
"Leveraging the access to specific technologies in developed markets and tapping into those networks to adapt those technologies in the local context of island nations if going to be critical to accelerate the deployments of renewables on the ground,” says the Hon. Mr. Melford Nicholas, Minister of Information Communication Technologies, Utilities and Energy, Antigua and Barbuda on the need for knowledge transfers to build local capacity.
The absence of specific funding for Small Island developing States and least developed countries is a significant issue that needs to be addressed. Countries since like Micronesia face vulnerabilities to climate change which are disproportionately high, we face existential threats without having substantially contributed to the problem yet gaining access to climate funding continues to be a major obstacle for us in implementing effective strategies to deal with climate change.” says Hon. Elina Akinaga, Secretary, Department of Resources and Development, Micronesia, adding that the creation of dedicated funding streams to provide targeted support can build on the momentum gained from COP29 to aid small island nations in building resiliency and accessing the funds needed to link renewable energy to climate resilience, job creation, and socio-economic development.
Global Offshore Wind Alliance – Catalysing Inclusive Offshore Wind Growth Through Strategic Partnership
Members of the Global Offshore Wind Alliance (GOWA) gathered to discuss accelerating inclusive offshore wind growth through strategic partnerships. They will explore GOWA’s pivotal role in strengthening national energy strategies and scaling global offshore wind deployment, aligning with COP28’s ambition to triple renewable energy capacity by 2030.
See the live stream:
Global Geothermal Alliance Annual Meeting: “Geothermal in Action: Driving sustainable development and energy transition”
In this session, representatives from member governments and partners will address challenges and opportunities in the geothermal sector, sharing knowledge and experiences to enable faster deployment of geothermal power and heat.
In his introductory remarks, Mr. Ole Thonke, Undersecretary for Development Policy, Ministry of Foreign Affairs, Denmark said: “All hands on deck if we are to achieve climate goals! Technology is key for energy transformation but its not happening at the pace that is required. We need to do more. We have more work in front of us and GOWA is more relevant than ever. “He stressed the need to bring together all sectors and value chains to unlock the potential of offshore wind energy. He underscored GOWA’s role as a platform designed to find practical solutions to drive offshore energy at a big scale.
H.E. Mr. Frederik Wisselink, Energy Envoy, Kingdom of the Netherland on large scale renewable energy technology can be altered to bring local renewable energy capacity, “Offshore wind and floating solar are some of the concrete solutions that can be used and adopted to small islands states, understanding that the existing renewables technology can modified to compliment the environment of island nations to harness their potential.”
Recognizing the transformative potential of offshore wind energy, Dr. Roland Roesch, Director, IITC, emphasized the urgent need to decarbonize our energy systems amidst intensifying climate change and growing energy security concerns. Offshore wind offers a reliable, cost-competitive solution, but achieving its full potential requires coordinated global efforts – "precisely what we aim to achieve through the Global Offshore Wind Alliance (GOWA)," he stated. "With over 30 members, GOWA is rapidly expanding its impact by fostering strategic partnerships, particularly in emerging markets, to unlock offshore wind's immense opportunities. Sharing knowledge, technology, and best practices, alongside implementing de-risking instruments and capacity-building initiatives, are essential for a just and equitable energy transition. Robust policy frameworks that are clear and concise, combined with a commitment to protecting marine ecosystems, will lay the foundation for success. The transition to clean energy benefits everyone, and IRENA remains steadfast in driving this global transformation," he concluded.
Bringing together members of the Global Offshore Wind Alliance, the event facilitated in-depth discussions on financing mechanisms, where stakeholders identified solutions to address financial challenges, unlock private capital, and scale deployment of offshore wind capacity in… pic.twitter.com/idb7eQ46Jk
— IRENA (@IRENA) January 13, 2025
Ministerial Dialogue: Innovative Sustainable Finance
Ministers, policymakers, and developers convened to explore advanced strategies for financing renewable energy.
See the live stream:
H.E. Franz Tattenbach, Ministry of Environment and Energy, Costa Rica, Vice President of the 15th IRENA Assembly, opened this Ministerial Dialogue by highlighting the importance of green bonds and blended finance as innovative finance mechanisms that allow countries to offset their carbon font prints and fund renewable energy projects. He stated, “we need to find stable solutions, foster partnerships and mobilise public and private sectors capital the accelerate to shift towards a sustainable energy future.”
H.E. Franz Tattenbach, Vice President of #IRENA15A, Ministry of Environment and Energy, #CostaRica opened the high-level dialogue highlighting the crucial role of green bonds & blended finance as innovative finance mechanisms that allow countries to offset their carbon foot… pic.twitter.com/4GEqg7W25T
— IRENA (@IRENA) January 13, 2025
“One thing is clear, financing solutions for developing countries must be affordable. High impact projects require support through direct investment, grant, rebates and subsides, alongside innovative financial instruments beyond debt. Policy makers, multilateral banks, and developmental institutions must come together to increase and enhance financial flows to developing nations,” said in his welcome remarks, Francesco La Camera – Director General, IRENA, urging all stakeholders to come together and explore new strategies to finance new renewable energy projects for a just energy transition.
H.E. Mohamed Saif Al Suwaidi – Director General, Abu Dhabi Fund for Development on the broad scaling benefits of new financing instruments to fund large-scale renewable energy projects, “Clean energy is not just a tool for environmental responsibility, but a vital driver for economic growth and social progress. Energy transition lies at the heart of our broader developmental and climate goals. By offering innovative financing terms, we empower countries to develop renewable energy projects. This approach has far reaching benefits; creating jobs, enhancing energy security and also raising the quality of life.”
Melinda Crane, moderator, opened the panel by highlighting the need to overcome barrier to financing and the need to address the “bankability issue” to accelerate renewable energy projects with the aim of tripling renewables by 2030.
“If we are looking to financing mechanisms like the issuance of green bonds, it’s important that the issuer knows that the project will be realized, so it’s this mutual beneficial partnership. It’s about embedding projects in national priorities to help with long-term sustainable development and also recognizing national and local needs in that particular context and creating positive socioeconomic externalities,” says H.E. Tinne Van der Straeten – Minister of Energy, Belgium on the need to establish clear alignment between financing instruments and national strategies so that projects are viewed as low-risk to investors, but also provide long-term socio-economic benefits.
"We provide guidance on the permitting, we provide clear signals of what the government thinks is a good project, and I think long-term energy planning has been a clear business case from both the supply and demand perspective — making proactive work with regulators and local authorities absolutely critical.” shares H.E. Joan Groizard – Secretary of State for Energy, Spain on strategies used to unlock new financial flows. He explained that proactive policy making, and integrated, long-term planning can strengthen the bankability of projects and attract the financing needed to scale up and accelerate renewable energy deployment.
New innovative financing tools like sustainability linked bonds can help scale up renewable energy projects says, Mr. Salvatore Bernabei – CEO, Enel Green Power. He added, “We were pioneers in 2019 with the issue of the first sustainability linked bond in the world, and then we issued another in 2022, this time tied to a corporatization path certified by the Science Based Targets initiative — these kinds of bonds are linked to a general purpose and a strategy, not just a single project,” showcasing that such low-risk tools can be leveraged to advance the deployment of large green grids and renewable energy projects.
Closing the session, Melinda Crane stressed the importance of bridging the financial gaps to accelerate the energy transition. She highlighted innovative tools like sustainability bonds and debt-to-climate swaps which can be scaled up and adopted to foster partnerships between countries, private institutions and developmental banks to unlock the financial streams needed to accelerate the shift towards a sustainable energy future and climate resiliency.