Tag: IRENA

G20 Leaders Endorse IRENA Recommendations for Global Renewable Energy Adoption

Stuart Mitchell

G20 leaders agreed to accelerate efforts to triple global renewable energy capacity by 2030, aligning with recommendations from the International Renewable Energy Agency (IRENA) on how the world can move in line with the Paris Agreement targets. In a declaration adopted on Saturday, the Group cites a joint report between IRENA and India’s G20 Presidency, titled “Low-Cost Financing for Energy Transitions”, which estimates a need for over USD 4 trillion in annual investments by 2030. According to IRENA’s “World Energy Transitions Outlook 2023”, released earlier this year in June, the…

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IRENA and AUDA-NEPAD Join Forces to Advance Regional Interconnections in Africa

Stuart Mitchell

The International Renewable Energy Agency (IRENA) and the African Union Development Agency (AUDA-NEPAD) signed an agreement aimed at supporting African countries in their efforts to achieve the African Union’s Agenda 2063 and the United Nations Sustainable Development Goal 7 to ensure access to affordable, reliable, sustainable and modern energy for all. The agreement was signed by IRENA Director-General Francesco La Camera and AUDA-NEPAD CEO Nardos Bekele-Thomas on the margins of Africa Climate Week in Nairobi. “Acknowledging that 80% of the global population without access to electricity resides in Sub-Saharan Africa,…

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Global power sector saved fuel costs of USD 520 billion last year thanks to renewables, says new IRENA report

Stuart Mitchell

The fossil fuel price crisis has accelerated the competitiveness of renewable power. Around 86 per cent (187 gigawatts) of all the newly commissioned renewable capacity in 2022 had lower costs than fossil fuel-fired electricity. Renewable Power Generation Costs in 2022, published by the International Renewable Energy Agency (IRENA) shows that the renewable power added in 2022 reduced the fuel bill of the electricity sector worldwide. New capacity added since 2000 reduced the electricity sector fuel bill in 2022 by at least USD 520 billion. In non-OECD countries, just the saving…

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UN Declares IRENA’s Founding Date as International Day for Clean Energy

Stuart Mitchell

The United Nations General Assembly (UNGA) has adopted a resolution proclaiming the 26th January as the International Day of Clean Energy, the anniversary day of the founding of the International Renewable Energy Agency (IRENA) in 2009. By selecting the 26th January, the 193 Member States of the UNGA acknowledge IRENA’s leading role in accelerating the global, renewables-based energy transition. Welcoming the UN resolution, IRENA Director-General Francesco La Camera said: “It is with much enthusiasm that I applaud the UN and its Member States, including the United Arab Emirates and Panama…

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IDB Backs IRENA’s ETAF with Potential Investment of up to USD 100 Million

Stuart Mitchell

The Inter-American Development Bank (IDB) recently signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilise funds for renewable energy investments. As part of its commitment, the IDB plans to co-finance renewable energy projects and energy transition technologies in the Latin America and the Caribbean region, with an allocation of up to USD 100 million. IRENA Director-General Francesco La Camera and IDB CEO Ilan Goldfajn signed the agreement at the IDB Headquarters in Washington…

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