2 weeks Ago By [email protected] (MENAFN)
( MENAFN - Trend News Agency) BAKU, Azerbaijan, November 12. Multilateraldevelopment banks have invested in projects with a total capacityof 30 gigawatts since 2006, President of the European bank forReconstruction and Development (EBRD) Odile Renaud-Basso said at aministerial dialogue themed "Scaling up investment for TriplingRenewables and Doubling energy Efficiency" within COP29 in Bakutoday, Trend reports. "We work in countries with developing markets, where we arewitnessing significant changes.
It is important to note thatmultilateral development banks are honoring their commitments. Themain goal of our mission is, of course, to provide financing. Weare actively funding projects in renewable energy and energyefficiency, and we are seeing significant acceleration in thisarea.
Since 2006, we have invested in projects with a total capacityof 30 gigawatts, but just in 2023 alone - five gigawatts, which isa substantial acceleration, representing 25 percent of investmentsin renewable energy in the countries where we operate, indicatingstrong demand. The second aspect is the implementation of energy efficiency. Aquarter of the projects we invest in include components aimed atimproving energy efficiency - whether it's decarbonizing processes,supporting households, small and medium-sized businesses, housingconstruction, or working through partner financial institutions.
Since 2006, we have invested $33 billion in energy efficiencyprojects, with a significant portion of these investments made inthe last year," she added. To note, the 29th session of the Conference of the Parties tothe UN Framework Convention on Climate Change (COP29), which willrun until November 22, opened on November 11 at the Baku OlympicStadium. The event is the largest organized by Azerbaijan to date and isthe first time the region has hosted the event in Azerbaijan.
Within COP29, the highest-level event - the summit of world leaderson climate action - will be held on November 12–13. The main expectation from COP29 is to agree on a fair andambitious New Collective Quantitative Goal (NCQG) on climatefinance. The COP29 chairmanship has launched 14 initiatives thatinclude linkages between climate action and the SustainableDevelopment Goals, including green energy corridors, green energystorage, harmony for climate resilience, clean hydrogen, methanereduction in organic waste, action on green digital technologies,and other topics.
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