{"id":87701,"date":"2023-05-23T02:02:17","date_gmt":"2023-05-22T23:02:17","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=87701"},"modified":"2023-05-23T02:02:17","modified_gmt":"2023-05-22T23:02:17","slug":"bloomberg-philanthropies-irena-partnership-to-accelerate-clean-energy-deployment","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/bloomberg-philanthropies-irena-partnership-to-accelerate-clean-energy-deployment\/","title":{"rendered":"Bloomberg Philanthropies-IRENA partnership to accelerate clean energy deployment"},"content":{"rendered":"<p dir=\"ltr\" style=\"text-align: left;\">Bloomberg Philanthropies and the International Renewable Energy Agency (IRENA) have engaged in a partnership ahead of the <a href=\"https:\/\/www.csregypt.com\/en\/egypt-uae-jordan-bahrain-mull-joint-production-of-ev-to-be-used-at-cop28\/\">28<sup>th<\/sup>\u00a0 United Nations Climate Change Conference (COP28)<\/a> to \u00a0turbocharge clean energy deployment and capital mobilization in emerging markets and developing economies.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Under the partnership, Bloomberg Philanthropies will bolster IRENA\u2019s Energy Transition Accelerator Financing Platform to deliver a pipeline of bankable renewable energy projects.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The official announcement took place in the presence of Dr. Sultan Al Jaber, President-Designate of COP28, Francesco La Camera, Director-General of IRENA, and Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Ahead of COP28 and the milestone Global Stocktake \u2013 assessing national contributions and progress against the goals of the Paris Agreement \u2013 Bloomberg Philanthropies\u2019 support will enable IRENA to advance efforts to drive the widespread adoption of renewable energy and reduce political, technical, and financial barriers to energy transition.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Under the partnership, Bloomberg Philanthropies will building capacities in Southeast Asia, Africa, and Latin America through deepening IRENA\u2019s capacity to design tailor-made, scalable renewable energy initiatives through policy recommendations, technical support, and financing solutions towards accelerated decarbonization and stronger climate resilience for lives and livelihoods.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">It will also strengthen project finance and preparation through bolstering the\u00a0<a href=\"https:\/\/www.irena.org\/Energy-Transition\/Partnerships\/ETAF\">Energy Transition Accelerator Financing (ETAF) Platform<\/a>\u00a0\u2013 IRENA\u2019s global climate finance platform aimed at mobilizing capital to scale up renewables-based energy transition technologies in emerging markets and developing economies (EMDEs) by 2030 \u2013 and expanding the technical and financial feasibility work needed to deliver a robust pipeline of potential projects.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Bloomberg philanthropies and IRENA will work together toward the goal of presenting readily investable energy transition projects to financial institutions that have committed to net zero and seek to increase investments in climate solutions in developing countries.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">A robust supply of bankable renewable energy projects is one of the main barriers to scaling up the financing of clean energy \u2013 especially in EMDEs. According to IRENA, investment in renewables reached $ 0.5 trillion in 2022; however, this is less than one-third of the average annual investments needed until 2030 to hit net-zero emission goals by 2050. To accelerate the pipeline of attractive renewable energy projects, Bloomberg and IRENA\u2019s new partnership will reduce risk for potential developers and investors by providing vigorous technical and financial expertise to eligible projects that meet environmental, social, regulatory, and economic factors and implementation readiness.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Dr. Sultan Al Jaber, COP28 President-Designate, who as Chairman of Masdar, one of the world\u2019s largest investors in renewable energy, played a pivotal role, in the UAE\u2019s successful bid to host IRENA, said \u201cThe UAE welcomes this ambitious partnership between Bloomberg Philanthropies and IRENA to champion innovation and deliver clean energy, climate action, and economic prosperity for emerging markets in the Global South\u201d, adding that \u201cThe world must move faster and further than ever before to seize the moment of the Global Stocktake and close the gap between ambition and reality. I look forward to working hand in hand with Bloomberg Philanthropies and IRENA to create a paradigm shift for tangible progress and help ensure that COP28 UAE delivers on its promise to deliver game-changing solutions for all.\u201d<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cIncreasing the production of renewable energy is an urgent necessity, and doing it requires strong partnerships across the public, private, and nonprofit sectors,\u201d\u00a0said Michael R. Bloomberg, UN Secretary-General\u2019s Special Envoy on Climate Ambition and Solutions and founder of Bloomberg Philanthropies. \u201cBy working closely with the International Renewable Energy Agency, we\u2019ll help countries in the Global South develop the capacity they need to build clean energy projects more quickly and efficiently. We look forward to working with IRENA, and all of our partners, to accelerate the clean energy transition.\u201d<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cWhile we continue to make progress on the energy transition, it is still way off track,\u201d\u00a0said Francesco La Camera, Director-General of IRENA. \u201cAnnual additions of renewable power capacity must grow three times the current level by 2030 if we want to stay on track to limiting the impacts of climate change and stay below 1.5<sup>\u00b0<\/sup>C. As we drive towards solutions at COP28, today\u2019s agreement between IRENA and Bloomberg Philanthropies will accelerate the development and delivery of renewable energy projects in the countries that need it most.\u201d<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Today\u2019s announcement supports Bloomberg Philanthropies\u2019 overarching\u00a0<a href=\"https:\/\/www.bloomberg.org\/press\/un-special-envoy-michael-r-bloomberg-and-cop28-presidency-announce-partnership-ahead-of-2023-un-climate-change-conference\/\">partnership with the COP28 Presidency<\/a>\u00a0to galvanize climate action by increasing clean energy development and capital mobilization both in the lead-up to and on the ground at the climate conference in Dubai.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The Bloomberg-IRENA COP28 partnership also complements Bloomberg Philanthropies\u2019\u00a0<a href=\"https:\/\/www.bloomberg.org\/press\/michael-r-bloomberg-deepens-commitment-to-moving-the-world-beyond-coal-with-plan-to-turbocharge-clean-energy-finance-in-global-south\/\">collaborations<\/a>\u00a0with GFANZ, Sustainable Energy for All (SEforALL), and other organizations to support developing countries across Africa, Asia, and Latin America to accelerate coal phaseout, develop viable pathways to net-zero, and speed deployment of renewable energy.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Limiting global warming to 1.5<sup>\u00b0<\/sup>C will require a significant scale-up of renewable energy supply to enable the transition away from fossil fuels. In March, IRENA released the\u00a0<a href=\"https:\/\/www.irena.org\/Publications\/2023\/Mar\/World-Energy-Transitions-Outlook-2023\"><em>World Energy Transitions Outlook Preview 2023<\/em><\/a>, which identified the urgent need to course-correct the energy transition to keep the 1.5<sup>\u00b0<\/sup>C target within reach. While 2022 saw the largest-ever annual increase in renewable energy capacity, 75% of the added capacity was centered in China, the European Union, and the United States. And while clean energy investment has recently grown, capital is overwhelmingly concentrated in the Global North; in 2021, renewable energy investment per capita in North America was 57 times that in Sub-Saharan Africa. Rapidly scaling clean energy infrastructure, building more supportive and enabling policy environments, and granting easier access to capital for clean energy projects will foster clean energy infrastructure in the countries that need it most.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Roughly 770 million people \u2013 primarily across Africa and Asia \u2013 lack access to electricity. As countries across the Global South develop and energy demand grows, ensuring that power needs are met by renewable energy rather than fossil fuels will be crucial to meeting international climate goals. In most countries in Africa and Asia, coal \u2013 the most polluting form of fuel on Earth \u2013 is the dominant source of electricity generation, leading to poor outcomes for air quality, health, and climate and undermining the competitiveness of these economies. Anchored in Bloomberg Philanthropies&#8217; ongoing clean energy programs in 32 countries and the EU, today\u2019s announcement aims to help deliver on United Nations Secretary-General Ant\u00f3nio Guterres\u2019 call to\u00a0<a href=\"https:\/\/www.un.org\/en\/desa\/un-secretary-general-issues-new-global-roadmap-secure-clean-energy-access-all-2030-and-net-zero\">secure clean energy access for all<\/a>\u00a0by 2030.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg Philanthropies and the International Renewable Energy Agency (IRENA) have engaged in a partnership ahead of the 28th\u00a0 United Nations Climate Change Conference (COP28) to \u00a0turbocharge clean energy deployment and capital mobilization in emerging markets and developing economies. Under the partnership, Bloomberg Philanthropies will bolster IRENA\u2019s Energy Transition Accelerator Financing Platform to deliver a pipeline [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":87702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13330,984],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bloomberg Philanthropies-IRENA partnership to accelerate clean energy deployment - Csr Egypt<\/title>\n<meta name=\"description\" content=\"Bloomberg Philanthropies and IRENA have engaged in a partnership ahead of the (COP28) to \u00a0turbocharge clean energy deployment and capital mobilization in emerging markets and developing economies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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