IRENA Urges Increased Public Funding For Global Renewable Energy Projects

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 17. The InternationalRenewable Energy Agency (IRENA) has urged countries around theworld to allocate more public finance to providing access to greenenergy during the Assembly in Abu Dhabi, Trend reports referring tothe statement of IRENA.

"With 7 years remaining to reach the 2030 SustainableDevelopment Goals (SDGs), it's crucial to note that an estimated660 million people will still lack access to electricity by thatdeadline. Therefore, political and governmental support isimperative. While there's advancement in international financialflows and private investment in clean energy, bridging thefinancing gap necessitates significant public financing," saidIRENA, which hosted a thematic roundtable that was attended by theAzerbaijani delegation.

During the roundtable, the unveiling of a new IRENA reporttitled "Public Financing for Universal Energy Access" aimed toassist policymakers and public financiers in tracking andoptimizing public financing for promoting energy access. It alsoaimed to identify tools for directing public funds towards varioussolutions.

IRENA specifically advocates for the establishment of off-gridelectricity systems and mini-grids for electricity, as well asincentives for the adoption of renewable energy sources for cleancooking.

"Enhancing the landscape of public finance can profoundly affectnumerous sectors globally, such as education, health, andagriculture," remarked Ntsebo Sephelane, associate specialist atIRENA's Center for Policy and Finance.

The roundtable acknowledged the necessity for affordablefinancing and regulatory frameworks that ensure a greater role forpublic finance. This includes mitigating investment risks to ensurethat energy access projects can effectively impact communities.

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