EBRD Reveals Number Of Partnered Countries To Develop Renewable Energy Auction System
Date
11/12/2024 5:15:20 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 12. The European
Bank for Reconstruction and Development (EBRD) is working with 18
countries to develop a renewable energy auction system, EBRD
President Odile Renaud-Basso said at a ministerial dialogue themed
"Scaling up investment for Tripling Renewables and Doubling Energy
Efficiency" within COP29 in Baku today, Trend reports.
"The role and support of multilateral development banks that we
can provide go beyond just financing and are also related to
political support. We help countries develop a regulatory framework
that attracts private investments. The EBRD is working with many
countries on developing renewable energy auction systems to achieve
better electricity prices.
Currently, we are supporting 18 countries under this program,
and we have projects planned for five gigawatts, including auctions
in Azerbaijan, Bulgaria, Moldova, Montenegro, and Romania. We have
already developed similar frameworks with Albania, Egypt,
Kazakhstan, Serbia, and Uzbekistan," she added.
To note, 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 on November 11 at the Baku Olympic
Stadium.
The event is the largest organized by Azerbaijan to date and is
the first time the region has hosted the event in Azerbaijan.
Within COP29, the highest-level event - the summit of world leaders
on climate action - will be held on November 12–13.
The main expectation from COP29 is to agree on a fair and
ambitious New Collective Quantitative Goal (NCQG) on climate
finance. The COP29 chairmanship has launched 14 initiatives that
include linkages between climate action and the Sustainable
Development Goals, including green energy corridors, green energy
storage, harmony for climate resilience, clean hydrogen, methane
reduction in organic waste, action on green digital technologies,
and other topics.
MENAFN12112024000187011040ID1108875541
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.