IRENA@COP29 concluded: new finance goal reached, but falls short to keep 1.5°C

In a notable conversation with UN Secretary-General António Guterres during the first days of COP29, IRENA Director-General (DG), Francesco La Camera affirmed IRENA’s unwavering commitment to advocating for ambitious outcomes at COP29.

Recognising that progress on the energy transition is geographically imbalanced, with investments largely concentrated in a few developed countries and emerging economies, the new finance goal delivered at UN Climate Conference COP29 in Baku will help countries keep energy transitions growing and shift to a low-carbon economy. In light of this outcome, IRENA DG La Camera stated, "Reaching an agreement at COP29 was essential to keep the 1.5°C global warming limit alive. Although the new financial aspiration falls short of what is needed to meet the Paris Agreement goals, it acknowledges the urgent need for intensified collective efforts to address geographical disparities in climate finance, with developed economies playing a more significant role." 

During the High-Level Roundtable on Green Energy, Hydrogen and Global Energy Storage and Grids held on the Energy/Peace, Relief and Recovery Day, DG La Camera expressed the urgent need to overcome the challenges associated with integrating renewables into the grids, saying, "Storage solutions, grid expansion and significant investment are critical enablers. As the custodian agency for tracking progress towards tripling renewables, we at IRENA are convinced that countries’ endorsement and implementation of today’s initiatives will become the key for advancing energy transitions aligned with the Paris Agreement’s objectives.”

IRENA  introduced its World Energy Transitions Outlook 2024 report, outlining a net-zero path by mid-century for governments to develop energy transition strategies that better align energy planning with climate policies to channel investment. Highlighting key areas for the energy transition, including trade and shipping through a joint report with World Trade Organization (WTO) titled Enabling global trade in renewable hydrogen and derivative commodities, DG La Camera said during the launch of the report with WTO Director-General, Ngozi Okonjo-Iweala, “A new energy system that is based on renewables will require new trade dynamics.” 

IRENA also underscores the need for ambitious NDC updates to be submitted next year, Through a new report, Climate Action Support 2024, the Agency examines national and regional efforts to enhance and implement climate targets. The report also showcases the related support provided by IRENA through its various work packages, including those concerned with NDCs.

Over the course of two weeks of the conference, IRENA launched key initiatives and engaged with governments, the private sector, and youth, outlining priorities that would align the energy transition with a 1.5°C scenario. DG La Camera engaged in fruitful discussion with the President of Palau, H.E. Surangel Samuel Whipps, Jr., reaffirming IRENA’s unwavering commitment to accelerate the deployment of renewable energy projects in Palau and across Small Island Developing States. During a fireside chat with Mr. Makhtar Diop, the Managing Director of the International Finance Corporation, Mr. La Camera discussed how the private sector can power a clean energy future for emerging markets and connect millions of Africans to electricity by 2030.

New innovative partnership models like the Accelerated Partnership for Renewables in Africa (APRA), are making a difference. During a high-level event on the second day of COP29, leaders including H.E. Musalia Mudavadi, the Prime Cabinet Secretary of Kenya;  H.E. Mette Frederiksen, Prime Minister of Denmark; H.E. Jennifer Lee Morgan, State Secretary and Special Envoy for International Climate Action at Germany’s Federal Foreign Office; recognised the success of APRA Investment Forum organised earlier this year, in mobilising finance and support for Africa's green industrialisation efforts.

To mirror this success in other regions, IRENA launched the Accelerated Partnership for Renewables in Central Asia (APRECA) during COP29’s Energy Transition Investment Forum. COP29 President H.E. Mukhtar Babayev welcomed the launch stating that “Central Asian countries have an important role to play in supporting global efforts to decarbonise the energy sector, with this announcement marking an important step in achieving our collective climate goals.”
 
In the spirit of driving the expansion of renewables to meet the tripling renewable power capacity target agreed at last COP, IRENA continued to call for actions through the #3xRenewables – for the planet and its people campaign by showcasing how renewable energy solutions are not only mitigating climate change but also driving sustainable development, empowerment, and social equity in communities across the Global South.