In 2021, IRENA released World Energy Transitions Outlook: 1.5°C Pathway report, which outlines how energy transformation driven by renewables can bring far-reaching benefits in terms of energy security, energy access, environmental protection and sustainable development. The report provides an ambitious yet feasible pathway to implement climate objectives while delivering jobs and economic growth. This outlook calls for considerable scaling up of low-carbon investments up to USD 131 trillion, adding USD 33 trillion to the current base of investment up to 2050. Channeling such an amount of investments to the renewable energy (RE) sector requires a steady pipeline of investor-ready and scalable projects.
IRENA’s Members approach their energy transitions strategies with different baselines, circumstances and priorities. Considering these individual particularities, the objective of the proposed Collaborative Framework on Project Facilitation is to convene Members in an inclusive space to discuss their perspectives with the view to engage in an open and transparent dialogue on the unique challenges Members face in attracting capital to develop bankable RE projects. The Framework provides a venue to discuss the hurdles faced by individual countries in accessing finance to deploy RE technologies at scale.
The Framework also explores more broadly, how IRENA can amplify its existing support and further tailor its assistance to Members in relevant areas of enquiry. It provides a forum to address the specific areas of focus that Members require IRENA’s support to further their measures toward energy transitions by project-level interventions. For example, at the local level, the Framework examines the role of local financial institutions in the finance of RE projects and discuss ways to crowd in investments from local banks. At a macroeconomic level, the Framework addresses the role of the Central Bank in developing green investment guidelines, strategies, and policies to guide local banks in making green investments.
To this end, the Framework assembled key national stakeholders that play a critical role in supporting the enabling environment conducive to attracting and scaling up investment, such as regulators, policy-makers, ministries, other national institutions and government agencies.
Meeting participation by invitation only.
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