Colombia, Ukraine, Fiji, Kenya and Mali will be the first countries to participate in an investment program that aims to help developing countries transform their power grids to transport increasing levels of renewable energy.
The Climate Investment Funds (CIF), created by the world’s largest economies in 2008 to help developing countries accelerate their transition to a low-carbon economy, said their new initiative would help those countries to overcome the enormous investment gap required to integrate renewable energy sources.
Experts estimate that global investments in infrastructure will have to increase to US $ 820 billion annually by 2030 to facilitate the decarbonization of electricity systems and help renovate or replace existing infrastructure so that they can integrate alternative energies.
“Power systems in many developing countries today are not equipped to take on so much renewable energy capacity”CIF director Mafalda Duarte told Reuters at the COP26 climate summit.
“Our grids will not be ready for a clean energy future unless we can unlock significantly more investment in adequate energy systems.”Added Duarte.
The official said investors viewed this issue as a major barrier to allocating funds to renewable energy. “If they cannot be integrated into power systems, there is no point in generating all that power“, he claimed.
Duarte said that Brazil, Costa Rica, India, Indonesia and Turkey were priority countries for the next phases of the Renewable Energy Integration (REI) program.
The REI program will operate through multilateral development banks to offer participating countries a set of financial instruments and technical assistance.
The plans for the integration of renewables were approved earlier this year by the Group of Seven Advanced Economies (G7), and are supported by financial commitments from the Netherlands, the United Kingdom and Switzerland.
The new program will support network flexibility measures, both on the supply and demand sides, by expanding the technologies that allow renewable energies and improving the preparation of the energy infrastructure for energies. renewable.
It will also support innovative business models and improve market and electrical system design.
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