COP For Hope: COP29 - Another Opportunity For Just Energy Transition - IRENA's Francesco La Camera (Exclusive Interview) (PHOTO)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 13. As part of COP29 in Baku, Trend News Agency proudly presents COP for Hope, a special project offering an unparalleled platform to hear from world leaders and trailblazers in politics, economics, science, and ecology, all united by a shared commitment to addressing today's pressing climate challenges.

Today, we are honored to speak with Francesco La Camera, Director-General of the International renewable energy Agency (IRENA).

In an exclusive interview with Trend , La Camera said that COP29, under the Presidency of the Republic of Azerbaijan, provides another key opportunity to bring the world back on track to deliver a just and equitable energy transition, in line with the goals of the Paris Agreement.

“This includes the adoption of a New Collective Quantified Goal for climate finance to support developing countries in tackling the climate crisis,” he said.

La Camera believes the main expectations could naturally be reaching an agreement on the financial goal - not because it would yield an amount sufficient to fully support the transition, but to send a political signal that there is the will to take meaningful action for the developing world.

“COP is a moment where the political momentum is built for something.
COP has its own nature. It's a moment where countries come together to exchange experience and come up with what they recommend or they commit or they pledge that we are going to do in the month after the COP is over,” said La Camera.

Concerning IRENA, he said the organization has the initiative like the Transition for Advanced Platform, the Accelerated Partnership for Renewables in Africa.

“It's the fourth time that I am here in Baku this year. We have been preparing and launching together with the Troika, meaning the presidencies of COP29, COP28, and COP30, our tracking reports.

“We also launched the World Energy Transitions Outlook. It is our flagship report where we are globally speaking on the transition and dealing with technology, policies, socio-economic benefits,” he said.

IRENA's director-general pointed out that the tracking report is very timely and is the result of the collaboration with Azerbaijan.

The report says that the agreement of a New Collective Quantified Goal for climate finance at COP29 will be vital for enhancing financial support for climate action, as well as inspiring ambitious Nationally Determined Contributions.

Nationally Determined Contributions in 2025 (NDC 3.0) must more than double existing renewable energy targets, which fall 5.8 TW short of the 2030 tripling goal, and must be measurable, specific and better aligned with national energy plans, allowing the private sector to align with national goals to ensure a robust pipeline of renewable energy projects, reads the report.

“Financing must be made available at better terms, especially for emerging markets and developing economies (EMDEs), by mitigating country and currency exchange risks and delivering broader availability of concessional finance and grants.

Governments must work to strengthen energy sector cashflows and attract public finance in the form of government spending and international grants.

The positive impact potential of projects (i.e. on energy access, poverty, sustainable development and the environment) must be embedded in evaluations for financing,” said the IRENA report.

Further, La Camera noted that IRENA will also work on a possible initiative for Central Asia with the leadership of Azerbaijan.

“We will work on an event where we announce the investment forum to be organized in Baku on the occasion of the Energy Week. So, there are many aspects of a collaboration that looks to be fruitful” he added.

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