Bloomberg Philanthropies and the International Renewable Energy Agency (IRENA) have announced a partnership for the upcoming Conference of Parties 28 (COP28) in Dubai, United Arab Emirates. The tie-up is to “turbocharge clean energy sending and capital preparation in developing business sectors and creating economies”, according to an assertion by IRENA.
Dr. Sultan Al Jaber, President-Designate of COP 28, Francesco La Camera, director general of IRENA, and Michael R. Bloomberg, UN special envoy on climate ambition and solutions and founder of Bloomberg Philanthropies, attended the announcement of the partnership.
The declaration said the association will permit Bloomberg Philanthropies to help IRENA to propel endeavors to drive the reception of sustainable power and diminish political, specialized, and monetary boundaries to the energy change.
Michael R. Bloomberg stated, “Increasing the production of renewable energy is an urgent necessity and requires strong partnerships across the public, private, and nonprofit sectors.” He continued, “We will help countries in the Global South develop the capacity they need to build clean energy projects more quickly and efficiently by working closely with the International Renewable Energy Agency.” We anticipate working with IRENA, and our accomplices as a whole, to speed up the perfect energy progress.”
From November 30 to December 12, 2023, Expo City in Dubai will host COP28. According to Bloomberg Philanthropies, the new partnership will work toward strengthening capacities in Southeast Asia, Africa, and Latin America, strengthening project finance, strengthening the Energy Transition Accelerator Financing (ETAF) Platform, and facilitating the mobilization of private capital.
As per IRENA, interest in renewables came to $0.5tn in 2022 notwithstanding, this is short of what 33% of the typical yearly speculations required until 2030 to hit net zero outflow objectives by 2050. Bloomberg and IRENA’s new partnership will provide strong technical and financial expertise to eligible projects that meet environmental, social, regulatory, and economic factors and are ready for implementation in order to speed up the pipeline of appealing renewable energy projects and reduce risk for potential developers and investors.
“The UAE welcomes this ambitious partnership between Bloomberg Philanthropies and IRENA to champion innovation, deliver clean energy, climate action, and economic prosperity for emerging markets in the Global South,” Dr. Sultan Al Jaber stated. He added, “The world should move quicker and farther than any time in recent memory to immediately jump all over the opportunity of the Worldwide Stocktake and close the hole among aspiration and reality. I anticipate working connected at the hip with Bloomberg Philanthropies and IRENA to make a change in outlook for unmistakable advancement and assist with guaranteeing that COP28 UAE follows through on its guarantee to convey game-changing answers for all.”
The World Energy Transitions Outlook Preview 2023, published by IRENA in March, pointed to an urgent need to reorient the energy transition in order to maintain the 1.5°C target. 75% of the added renewable energy capacity was centered in China, the European Union, and the United States, making 2022 the largest annual increase ever.
The director-general of IRENA, Francesco La Camera, stated, “While we continue to make progress on the energy transition, it is still way off track.” By 2030, annual additions of renewable power capacity will need to triple if we are to maintain our current trajectory toward limiting the effects of climate change to less than 1.5 degrees Celsius. The agreement that was reached today between IRENA and Bloomberg Philanthropies will accelerate the creation and implementation of renewable energy projects in the nations that have the greatest need of them as we work toward solutions at COP28.