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. Particularly the agreement on Article 6 will provide for carbon markets through which countries and companies can work together to meet their climate goals.

“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,” said IRENA Director-General Francesco La Camera.

“Given the constraints on public funding, the Baku Finance Goal is crucial that these resources are strategically deployed to overcome the barriers to the energy transition and catalyse private investment in emerging and developing economies. We are still off course, and we need ambitious new climate plans NDCs 3.0 on the way to Belém. IRENA remains committed to tirelessly do what it can to contribute to our global goal.”

Over the course of two weeks of the conference, the International Renewable Energy Agency (IRENA) launched key initiatives and engaged with governments, the private sector, and youth, advocating for ambitious outcomes that would align decisions related to the energy transition with a 1.5°C scenario.

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

Advocating for Pathways That Can Achieve the 1.5 Degrees Celsius Target

Launched on the opening day of COP29 in Baku, Azerbaijan, 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.

It emphasised the urgent need for significant updates to Nationally Determined Contributions (NDCs), aligning them with the global commitment to triple renewable power capacity and double energy efficiency by 2030.

Director-General La Camera actively championed these objectives throughout the conference, frequently concluding his speeches and interventions at ministerial meetings, panel discussions, and other events with financial institutions and the private sector by stating that “COP29 and COP30 are the last two COPs where we can realistically maintain the 1.5°C target within reach,” calling on stakeholders to seize this critical opportunity with ambitious drive and strong political will.
[X post WETO 2024 cover]

Taking APRA’s Success to Central Asia

New innovative partnership models like the Accelerated Partnership for Renewables in Africa, are making a difference. The partnership was one of the main areas of focus at “Africa’s Green Momentum: Harnessing Renewables for Industrialisation”, a high-level event on the second day of COP29 bringing featuring the UN Secretary-General António Guterres and world leaders, emphasizing the significance of Africa’s green industrialisation efforts. 

“Just a few weeks ago, APRA hosted the first investment forum in Kenya resulting in projects worth USD 2.6 billion countries,” said H.E. Musalia Mudavadi, the Prime Cabinet Secretary of Kenya, remarking on success of the first APRA Investment Forum in Nairobi.

For her part, H.E. Mette Frederiksen, Prime Minister of Denmark, a supporting APRA partner country, stated, “Africa is receiving less than 2% of global investments of renewables. We need to close this gap, and we need to close it quickly. We need to mobilise financing at much larger scale.”

Two key announcements marked the event with Sierra Leone proposing to host the next APRA Investment Forum, and Germany unveiled plans to establish an implementation office in Nairobi through UNOPS.
“We see how to harvest APRA’s full potential we need to bring down the cost of capital. Together, we will not only master the transition, but we will turn it into an opportunity,” stated H.E. Jennifer Lee Morgan, State Secretary and Special Envoy for International Climate Action at Germany’s Federal Foreign Office.

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.”

The partnership aims to leverage the collective renewable energy potential of Central Asia and translate it into substantial economic opportunities. The launch included discussions with various ministers from Central Asian countries, highlighting the partnership’s regional adaptation of APRA’s successful framework.

Quick Responsiveness to the COP29 Energy Initiatives

The COP29 Presidency announced three key COP29 Energy Initiatives including pledges on green corridors, storage and grids, and hydrogen.

“We simply cannot triple renewable energy capacity by 2030 without the infrastructure to support it,” said IRENA Director-General Francesco La Camera, opening the launch’s ministerial, urging countries to rally behind the initiatives.

Soon after the announcement, the Utilities for Net Zero Alliance and the Alliance for Industry Decarbonisation, both of which IRENA is the secretariat of, reaffirmed their commitment to significant investments in the areas outlined by the COP29 Energy Initiatives.

UNEZA reaffirmed USD 177 billion of annual investments in the energy transition, with almost half going directly to grids and storage. For their part, AFID members announced enhanced joint Targets to 2030 to almost double the group’s installed green hydrogen and significantly boost investments in energy transition projects to more than USD 124 billion by the end of this decade. Both alliances are expected to play a key role in implementing the COP29 Energy Initiatives.

Calling for Equitable Outcomes

During a ministerial hosted by COP29 Azerbaijan, the European Commission, and COP28 UAE, Mr. La Camera emphasized that financing must be made more accessible, on better terms, and tailored for emerging markets and developing economies to realize the goals of the UAE Consensus.

At the UN Secretary General’s meeting on critical resources for the energy transition, Mr. La Camera advocated for a just transition that creates local value and equal opportunity, underscoring that critical resources should be refined and processed at their point of extraction to maximize local benefits, giving the world a chance to rewrite the script for extractive commodities.

Action was also a main theme of discussion for the Director General. “It is not just about ambition,” said IRENA Director-General Francesco La Camera at high-level event co-hosted by IRENA, the United Arab Emirates, and the Global Renewables Alliance. “It’s about translating that ambition into action. Aligning our progress with a 1.5°C trajectory requires coordinated global action to overcome the structural and systemic barriers that hinder our advancement.”

To support this process, IRENA has engaged with 101 countries that are Parties to the 2015 Paris Agreement. Through this country engagement, IRENA assists in the enhancement and implementation of NDCs with a focus on the energy sector, according to the Agency’s new Climate Action Support 2024 report that was presented during the event.

Taking Youth from the Margins to the Center

IRENA and the Italian Ministry of Foreign Affairs launched the second iteration of the I-ACT peer education program at COP29, a training initiative that provides young people with resources to lead their own training on key climate and energy issues in their schools, universities, and communities through a training-of-trainers approach.

Mr. La Camera also engaged with young people in an open discussion at IRENA’s Global Renewables Hub, exploring ways to advancing their role from engagement to active participation in the energy transition. The discussion explored the need for practical skills, technology integration, addressing regional challenges, especially in the Global South.

Redefining Global Trade Dynamics for a Renewable Future

IRENA also highlighted key areas for the energy transition, including trade and shipping.
“A new energy system that is based on renewables will require new trade dynamics,” said DG La Camera, launching a joint report with World Trade Organization Director-General Ngozi Okonjo-Iweala. The new IRENA-WTO report ‘Enabling global trade in renewable hydrogen and derivative commodities’ highlights the critical role of coherent strategies in promoting renewable hydrogen and derived commodities.

This strategic collaboration seeks to outline a framework that not only supports the trade of renewable resources but also ensures that such trade can be conducted sustainably and equitably.

Realising the Cooling Pledge Through Renewables-Based Solutions

Furthering its commitment to a cross-sectoral approach to energy transition, IRENA is also playing a key supporting role in the implementation of the Cooling Pledge adopted at COP28. This pledge is crucial as it addresses one of the most pressing challenges of climate change: increasing temperatures and the resultant demand for cooling.

At a ministerial roundtable organized by the COP28 Presidency and the Cooling Coalition, Mr. La Camera underscored the importance of integrating renewable energy solutions to meet the Cooling Pledge. He emphasised IRENA’s role in facilitating international cooperation to accelerate the deployment of these technologies, ensuring that countries, especially those in hotter climates, can achieve greater energy efficiency and resilience against rising temperatures.

Driving Action towards 3xRenewables

During COP29, IRENA intensified the rollout of its communications campaign 3xRenewables: for the planet and its people that aims to raise awareness and drive action towards achieving the UAE Consensus goal to triple renewable energy capacity by 2030 as global key enabler to keep the 1.5° climate target within reach.

The Global Renewables Hub jointly hosted by IRENA with the Global Renewables Alliance provided a lively platform for engaging exchanges with IRENA Members, partners and guests.

Take a look at IRENA’s Twitter, LinkedIn and Instagram accounts and browse photos on IRENA Flickr.