The International Renewable Energy Agency calls for climate finance for Africa
International Renewable Energy Agency calls for climate finance for Africa
Within the framework of the fifteenth meeting of the General Assembly of the International Renewable Energy Agency (IRENA), which is being held in the Emirati capital, Abu Dhabi, under the slogan “Accelerating the renewable energy transition – the way forward”; The participants called on all countries of the world to determine the map of the energy transition. This meeting, which began its activities on Sunday – January 12 – is the first of its kind in the field of energy this year, and brings together representatives from 170 countries with the aim of discussing strategies for accelerating the transition towards renewable energy. Therefore, in this article, Earth Guards addresses this international event, while discussing the challenges facing the African continent. So, continue reading.
In this international meeting, which continues until January 18, Egypt participates as a pioneer in this regard, as it was represented by Dr. Mahmoud Esmat – Minister of Electricity and Renewable Energy – who stated in his speech thatRenewable energy is the way to achieve sustainable development, protect the environment, and ensure a better future for future generations.
The Minister of Electricity and Renewable Energy also explained that Egypt has many renewable energy projects, which are among the largest energy projects in the Middle East, noting that by the end of 2025 we will have approximately 10,000 megawatts of electricity production through renewable energy, in addition to approximately 2,850 megawatts of storage batteries, and through this, Egypt confirms the pivotal role played by African countries in the global transition towards clean energy.
Challenges of the African continent
This meeting highlighted the International Renewable Energy Agency’s report, which says that the year 2023 witnessed the highest ever increase in solar photovoltaic capacity, and despite the African continent’s large energy needs, investments in renewable energy in Africa represent only 1.6% of the global total, while Asia, Europe and North America account for about 85% of investments in clean energy.
Therefore, Francesco La Camera, Director General of the International Renewable Energy Agency, indicated that the global capacity for renewable energy must reach 11.2 terawatts by 2030; To achieve the goals set by COP28. La Camera also expressed its dissatisfaction with Africa’s lag behind despite its great needs and enormous potential, warning that this imbalance in the distribution of investments represents an obstacle to sustainable development efforts on the continent.
According to figures from the International Renewable Energy Agency, current investments in renewable energy do not meet global climate ambitions, as they are far less than $1.5 trillion, which is the budget required to be spent annually by 2030. However, La Camera believes that the next five years represent a real opportunity to enhance investments and accelerate the transition towards clean energy.
On the other hand, the Secretary-General of the United Nations – Antonio Guterres – participated in the meeting via a recorded video message, calling on governments to make 2025 a pivotal year for adopting clean energy and gradually eliminating dependence on fossil fuels. Pointing out that developing countries face great challenges in obtaining the financing necessary for the transition to clean energy, and that most investments are concentrated in developed economies. Which threatens to delay the global transition towards sustainable energy.
In the same context, UN Special Adviser Selwyn Hart confirmed the concerns of the UN Secretary-General, saying: “Four out of every five dollars spent on clean energy since the Paris Agreement has gone to China alone, while developing countries face difficulties in dealing with high capital costs and other obstacles”.
In conclusion, Earth Guards affirms – day after day – its full support for the efforts made to transition to clean energy, and also hopes that climate financing will be comprehensive and fair, and meet the needs of developing countries affected by climate change. In order to protect planet Earth, and achieve a sustainable future for us and for future generations.
