Abu Dhabi, UAE/Foz do Iguaçu, Brazil – October 3, 2024:
The International Renewable Energy Agency (IRENA) has highlighted the crucial role of energy planning in unlocking investment opportunities in emerging markets and developing economies (EMDEs). In new reports commissioned by Brazil’s G20 presidency, IRENA calls for de-risking strategies and leveraging public finance to drive a just and inclusive energy transition in the Global South.
Current global investment patterns show significant disparities, with advanced economies and large EMDEs like China, India, and Brazil attracting the bulk of the funding. In contrast, the rest of the developing world received only 10% of global energy investments in 2023. To bridge this gap, IRENA emphasizes the importance of effective national energy planning to reduce risks, attract private capital, and enhance socioeconomic development through renewable energy.
The reports showcase Brazil’s success in utilizing energy planning to attract private investments and propose the creation of a Global Coalition for Energy Planning to further support international collaboration. IRENA Director-General Francesco La Camera stressed the need for an evolved financing framework for the Global South, combining public and private capital to scale investments and foster a sustainable energy transition.
The G20 is urged to play a pivotal role in expanding investment, particularly through bilateral funding and contributions to development finance institutions, alongside technical support and capacity building.
