The International Energy Agency has received significant financial incentives from member states to significantly increase its activities to support clean energy conversion in emerging economies.
Funding for the IEA’s Clean Energy Transition Program (CETP) was announced today at a special event in Paris as part of the IEA 2022 Ministerial Meeting, where ministers from IEA and beyond discuss how to accelerate the process. Pure energy. Transformation, strengthen energy security.
The new funding stream will support efforts to increase clean energy investment in emerging economies and strong government support for the IEA’s role in helping to transform the global energy system. Total zero emissions.
“To resolve the climate crisis, we need to take bold international action to ensure a greener and more sustainable future,” said Dan Jrgensen, Danish Minister for Climate and Energy, who chaired the CETP event today. “CETP is the IEA’s primary vehicle for real global change and the transformation of clean energy into pollution elimination. For that, I’m glad we’re both supporting and funding the program. ⁇
Since its inception in 2017, CETP has established strong clean energy partnerships with the world’s largest emerging economies, including Brazil, China, India, Indonesia and South Africa. Utilizing the expertise of the IEA, CETP provides a number of policy advice, training and capacity building to enable these economies to move towards sustainable low carbon solutions while ensuring energy security and economic opportunities.
“The world needs a massive increase in investment in clean energy, especially in emerging economies, to keep emissions on a downward trajectory,” said Fateh Birol, IEA’s Executive Director. “The problem is not the lack of capital around the world, but the availability of money to reach the most needed countries, regions and projects. The Clean Energy Transition Program is an important part of IEA’s efforts to help emerging economies strengthen their policy making and increase investment in clean energy. ⁇
According to the IEA analysis, if global emissions are to reach zero by 2050, the annual capital expenditure on clean energy in emerging and developing economies will reach US $ 150 billion by 2020. One trillion U.S. dollars by 2030. Should grow into dollars.
CETP’s new funding stream of 20 20 million a year comes from voluntary contributions from 15 IEA member states and the European Union, which has confirmed their financial support until 2030 in a new joint commitment. Increased funding will help develop national net-zero roadmaps that are more responsive and achievable for emerging economies and strengthen efforts to track progress in reducing emissions from the energy sector.
Funding is provided by Australia, Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom, the United States and the European Commission. Among them, Belgium, Ireland, Spain and the United States are contributing to the program for the first time under the new joint funding commitment announced today.
The increase in funding comes in the wake of the COP26 Climate Change Conference in Glasgow, where countries renew their commitment to raise $ 100 billion a year in climate funding for developing and emerging economies. A key objective of CETP is to help emerging economies strengthen their policies and regulatory frameworks to better attract the clean energy investments needed to drive their transformations. The program also works to address issues related to innovation and the environment.