INTERVI EW
“In 2024, 91 percent of newly commissioned utility- scale renewable projects generated electricity at a lower cost than the cheapest fossil fuel alternative.”
fuel alternative, making them the most affordable source of new power and the most economically rational path forward for emerging markets and developing economies (EMDEs). Beyond the climate imperative, the energy transition is delivering immense economic and social rewards. In 2024 alone, we estimate that renewable electricity generation helped avoid approximately US$467 billion in fossil fuel costs globally. For energy-importing regions, these savings strengthen economic stability and enhance energy independence, while the displacement of fossil fuels directly improve public health by cutting air pollution. Renewables have also demonstrated exceptional resilience, continuing to deliver reliably and shielding economies from the shocks of geopolitical turmoil. From 2018 to 2024, annual investments in renewables rose at an average of 14 percent per year, despite global crises ranging from the pandemic to inflation and trade disruptions. Brazil’s experience shows that the financing barriers facing EMDEs can be overcome. With clear policy signals, strong institutions and effective planning, the country has been able to attract large-scale private capital to its renewable energy sector. At the
investment decisions and ensures that capital flows where it is needed most. Together, GCEP and ETAF provide two essential levers of change: preparing investment-ready plans and unlocking the financing to realize them. This integrated approach narrows the gap between ambition, planning and action, resulting in concrete, bankable projects that deliver tangible benefits for communities around the world. We are also collaborating with the International Civil Aviation Organization (ICAO) to support the development and financing of sustainable aviation fuel (SAF) projects. The newly launched “Finvest@IRENA” portal operates under ETAF and serves as a single-entry point for SAF project developers seeking investment, linking proposals with a global network of public and private financiers. This is particularly timely, especially ahead of COP30, where sustainable fuels are expected to feature prominently on the agenda. OFQ : The preparations for COP30 were overshadowed by concerns about infrastructure, logistics and capacity. What can the organizers do to secure the success of the conference? FLC: Every COP comes with its own set of challenges, and managing a conference of this scale is never a small task. But Brazil is a country of great capabilities and a strong record of leadership on energy and climate. I have full confidence in Brazil’s ability to deliver a successful COP30. OFQ : What does IRENA as an advocate for renewable energy see as the biggest obstacles to the tripling of renewables? FLC: Numerous developing countries must overcome the multifaceted “triple penalty,” characterized by the
Francesco La Camera, Director-General, IRENA
Energy Planning (GCEP), launched under Brazil’s G20 Presidency. The coalition supports countries, particularly in the Global South, in preparing robust, credible and investment-ready energy plans, while strengthening institutions and governance. But planning alone is not enough. To help countries turn plans into projects, IRENA drives implementation through the Energy Transition Accelerator Financing (ETAF) platform. ETAF is a multi-stakeholder climate finance platform designed to mobilize up to US$5 billion by 2030 for renewable energy projects in developing countries. By connecting project developers with a coalition of public and private financiers, ETAF reduces risk, accelerates
request of the Brazilian G20 Presidency, IRENA analyzed this development arc to distil lessons for other countries facing similar challenges. The joint G20–IRENA report confirmed that integrating investment strategies into energy plans from the outset helps reduce perceived risks,
align policies with investor
expectations and unlock private capital at scale.
Building on this work, IRENA now serves as the Secretariat of the Global Coalition for
16
Powered by FlippingBook