IRENA Launches Regional Initiative To Accelerate Renewable Energy Partnerships

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 15. IRENA is launching a regional initiative to accelerate renewable energy partnerships with co-chairs and in cooperation with Central Asian countries, the Director of Country Engagement and Partnerships at the International Renewable energy Agency (IRENA) Gurbuz Gonul said during the COP29 Energy Transition investment Forum for Central Asia, Trend reports.

“Last year, thanks to the consensus in the UAE at COP28, we witnessed a strong Political commitment to a global energy transition to triple the use of renewable energy and double energy efficiency by 2030. This provides strong momentum to scale the renewable energy transition around the world.

Turning these ambitious targets into concrete actions through programs and projects that maximize local value creation and promote green industrialization driven by the energy transition is important. Central Asia has a great opportunity in this direction as the region has vast and underutilized resources for renewable energy,” he said.

According to Gonul, the region is also rich in natural resources and minerals that can be used for energy transition technologies.

“Central Asian countries are developing concrete plans and have already started taking action to achieve their renewable energy goals, with several large-scale projects underway or already completed. We have also heard from the Minister of Azerbaijan about the formalization of cooperation between Azerbaijan and Central Asia on the integration of their energy systems, which will be a significant boost to the renewable energy transition in the region as well as in neighboring regions. Of course, there is a key investment and financing aspect associated with this challenge.

It will require significant domestic and international investment to support an accelerated energy transition in the region. In this regard, we are pleased to launch this initiative with the co-chairs and in cooperation with the Central Asian countries,” he said.

Gonul emphasized that this is a flagship regional initiative for accelerated renewable energy partnerships in Central Asia.

“We call it APRECA, and its main objective is to support Central Asia in achieving renewable energy targets, improving energy security, and contributing to global climate and sustainable development goals. We see this initiative as a results-oriented, high-impact partnership to accelerate the renewable energy transition.

We plan to focus on three aspects, first on how we can accelerate investments in the renewable energy transition. Secondly, the aspect of strengthening regional interconnectivity to support renewable energy trade is important, as is analyzing the socio-economic dimension and maximizing benefits through economic growth, green industrialization, and job creation.

Activities will be based on four pillars. The first pillar is infrastructure. Infrastructure is central, as IRENA believes it is one of the key barriers to accelerating the energy transition. Clear action is required concerning networks and the flexibility of energy systems. Also important is the interconnection aspect that we have already emphasized: how we can promote cross-border interconnections within the region and with neighboring regions. The second area concerns the policy, regulatory, and institutional framework: how to create a more favorable environment for renewable energy investments, strengthen private sector involvement in the energy transition, and ensure access to affordable financing. Finally, local value creation and green industrialization are key elements that are also a priority for all governments in the region,” he stressed.

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