Second High-Level Dialogue on clean energy financing held ahead of COP29
The second round of the High-Level Energy Transition Dialogues, a preparatory event for the upcoming COP29 climate change conference in Baku, Azerbaijan, was hosted by the COP29 Presidency, the International Energy Agency (IEA), and the UN Framework Convention on Climate Change (UNFCCC) Secretariat.
The City of London Corporation hosted it at Mansion House during London Climate Action Week. Leaders in energy, climate, and finance discussed how the public and private sectors can enhance support for a rapid increase in global clean energy investment, which needs to double to over $4 trillion annually by 2030 to achieve Net-Zero emissions by 2050.
The dialogue’s key focus was finding ways to secure the necessary financing to make clean energy projects a reality, particularly in emerging and developing economies.
High borrowing costs and real and perceived risks hinder capital from reaching many vital projects in these regions.
Read more: Clean energy investments for emerging nations among top agenda of COP29
During their discussions, participants highlighted the necessity for collaboration between governments, the financial sector, and industry to create a scalable pipeline of viable clean energy projects.
The role of development finance institutions was also discussed, with participants noting that these institutions can significantly amplify private capital mobilization by mitigating risks.
Fatih Birol, IEA Executive Director, said, “We need to strengthen efforts to connect investors seeking clean energy opportunities with the markets where this investment can make a major difference. Establishing a strong pipeline of bankable clean energy projects and tackling the barriers to financing them is essential to keeping the goal of limiting global warming to 1.5 °C within reach.”
The next dialogue will take place in New York during the UN General Assembly in September.
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