Taha Hasib (ABU DHABI) - The 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC), which kicked off on Thursday, is banking on accelerating the renewable energy transformation to stimulate climate action, especially in reducing carbon emissions.

On this major global event, Aletihad interviewed Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA).

What opportunities are present at COP28 to accelerate the global renewable energy transition as a step towards carbon neutrality and zero emissions, especially since the conference is being held in the UAE where the International Renewable Energy Agency is headquartered? “COP28, which is being held in the UAE, will present the first global assessment, and will serve as an official indicator, alerting the world to the need to return to the right track to limit temperature rise to 1.5 degrees Celsius, in accordance with the Paris Climate Agreement. This requires a comprehensive shift in the way we produce and consume energy,” said La Camera.

“To address this complex challenge, a clear and explicit direction must be set. Therefore, in cooperation with the COP28 Presidency, we are working towards a clear global goal of tripling the capacity of renewable energy production to exceed 11 terawatts and doubling the efficiency of energy use by 2030. This is what we emphasised in our joint report ‘Tripling renewable power and doubling energy efficiency by 2030: Crucial steps towards 1.5°C’.

“The report presents actionable recommendations and policies for governments and the private sector on mechanisms to increase global renewable energy production capacity and double the rate of annual energy efficiency improvements by 2030.

“The report also highlights the need to urgently address the inherent constraints in energy systems, infrastructure, policies and institutional capacity, based on conventional fuel era standards. The report identifies the required actions as priorities to accelerate the energy transition, which are in line with and intersect with the goal of the COP28 Presidency agenda,” he added.

The Director-General of the IRENA stressed that achieving global consensus on the goal of tripling global renewable energy production capacity will be crucial, although it is only a starting point. “At COP28, we aim for our pavilion to be a global centre for renewable energy, and a link between companies, international organisations, and governments to agree on the most effective strategies for the energy transition. We will work to establish key alliances and partnerships between public and private sectors, empower young entrepreneurs, enhance access to finance, and overcome obstacles to lasting climate action.

"We look forward to showcasing a range of initiatives at the conference, including the ‘Alliance for Industry Decarbonisation’ which aims to decarbonise industrial value chains, and the ‘Accelerated Partnership for Renewables in Africa’ which was launched earlier this year during ‘Africa Climate Week’ chaired by His Excellency William Ruto, President of Kenya,” he added.

La Camera said the UAE represents a model experience for countries rich in traditional energy sources with its renewable energy investments and projects, both inside and outside the country.

“Over the past decade, the UAE has achieved tremendous progress in the field of renewable energy, as it has emerged as a global leader in this field at the regional level and beyond. The UAE has invested heavily in integrating solar energy into its energy mix on a large scale, which has led to a decrease in the cost of solar energy, thus stimulating other GCC countries to adopt their own clean energy projects. The UAE has also committed to investing more than $50 billion in renewable energy projects in 70 countries, including 27 island nations, and will also invest up to $54 billion in renewable energy over the next seven years.

“The UAE achieved positive results in integrating renewable energy into both short- and long-term projects. The importance of such an experience lies in the impact it has. As more countries recognise the value and benefits of this transformation in a similar country, they will consider the transformation itself, leading to a more sustainable world for all,’’ he said.

What about the agency’s ongoing efforts in developing countries to stimulate renewable energy projects? La Camera said that IRENA is committed to supporting member states in their efforts towards ensuring a sustainable energy future for their people. “Our role as a leading international agency, cooperating with governments, and as a platform for cooperation, is to provide support, guidance, and facilitate the acceleration of the transition towards renewable energy, through our stock of knowledge about all forms of renewable energy… In addition to our analytical work, we have expanded the scope of IRENA’s work to provide support to the agency’s member states to achieve tangible results and accelerate work on the ground. Therefore, we have expanded our efforts to facilitate financing for renewable energy projects in developing countries through the Energy Transition Acceleration Financing Platform (ETAF).

“Taking advantage of IRENA’s global reach and experience in the field of energy transition, we are working to connect a group of energy transition projects with investors to accelerate the spread of renewable energy in developing countries. The ETAF platform, affiliated with IRENA and supported by the United Arab Emirates, initially aimed to secure financing commitments worth $1 billion by 2030 within COP28. However, with the efforts of six partners of the platform, this was exceeded, as the platform’s capital commitment to date stands at $1.25 billion. We are preparing to add new partners to the platform at COP28.

“IRENA is also preparing to present a community-centred initiative, which we developed in partnership with the UAE’s ‘Empowering Lives and Livelihoods’ initiative that empowers women and children in developing countries. The initiative aims to enhance the quality of life and livelihoods through renewable energy solutions in agricultural, food, and health value chains, in partnership with governments, charitable initiatives and institutions, trust funds, charitable funds, the private sector, and other relevant stakeholders.

"In addition, the initiative seeks to achieve equal benefits, especially for women and youth who are most affected by climate change and the absence of clean energy,” La Camera added.

To what extent has the agency achieved success in transferring technology to developing countries?“From 2013 to 2020, the International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development worked together to finance 26 renewable energy projects in developing countries.

The Abu Dhabi Fund for Development provided initial financing worth $350 million, which in turn attracted additional investments worth $570 million in syndicated financing from other sources, including governments, the private sector, and other development funds.

The funded projects included renewable energy generation, electricity, and waste-to-energy plants in many developing countries. The success of this initiative formed the basis on which ETAF platform was created and expanded, becoming one of the most innovative and comprehensive project financing platforms,” La Camera added.

“We are proud that the first partner to join the ETAF platform was the Abu Dhabi Fund for Development from the UAE, which committed a pledge of $400 million. The platform has since evolved into a global project facilitator, attracting many major financing institutions around the world,” he added.