How to attract renewable energy investment in times of global energy transition? As over 300 delegates gathered in Abu Dhabi for IRENA’s spring Council, the Agency’s fifth Policy Day brought together policy-makers, institutional partners and private sector representatives to discuss enabling frameworks and finance mechanisms to accelerate investment in renewable energy and maximise the socio-economic benefits.
“While renewable energy investment currently exceeds USD 300 billion per year, there is still a lot to be done to lower the persistent market barriers that hinder the necessary capital scale-up,” said IRENA’s Director-General Francesco La Camera at the opening. “IRENA’s work on renewable energy finance includes analysis of investment trends and more importantly of investment gaps, with a current focus on institutional investors, financing of off-grid renewables and innovative financing instruments.”
The Policy Day kicked off with a dialogue on action needed on the ground to align energy policies with climate objectives, unlock investment, scale-up renewable energy projects and strengthen local capabilities. Participants addressed a mix of policies and finance solutions to transform the energy system at the national and local level, with real-life examples from different countries and regions.
Throughout the Policy Day, Members and stakeholders shared experiences and best practices in policy-making to ensure that all countries benefit from socio-economic gains of the energy transition, including economic growth and job creation. Today, the renewable energy sector provides 11 million people with work globally, as outlined in the Agency’s latest report on Renewable Energy and Jobs.
In conclusion, for true sustainability, the policy framework can be designed to extend the benefits of energy transformation to all people and communities. Countries have gained a range of insights on integrating renewable energy deployment with a broader mix of socio-economic policies. This can help to address transition challenges and ensure the best outcome for society at large. To maximise the benefits of overhauling the energy system, governments can adopt different measures depending on geographic, economic and social context.
Original source: IRENA
Published on 27 June 2019
