The Asian Development Bank (ADB) has approved an umbrella facility of up to $100 million which will provide financing support including loans, guarantees, and letters of credit to overcome constraints to private sector investment in renewable power projects in Pacific island countries.
The Pacific Renewable Energy Program will support an estimated 5 separate renewable energy projects in ADB’s Pacific developing member countries over a 5-year period. ADB’s Pacific Department (PARD) and Private Sector Operations Department (PSOD) will work together to implement the program.
“The program will help to build urgently needed capacity for energy sector expansion and private sector interest in clean energy projects in the region,” said PARD Director General Ms. Carmela Locsin. “The objective is to implement more renewable energy projects in the Pacific by working with power utilities to identify transactions at an early stage.”
Funding for power utilities in the Pacific is inadequate. Private sector investment in particular is crucial to expand renewable power generation as the region transitions from fossil fuels to clean energy. However, investment is restricted by a lack of governmental credit support for the payment obligations of power utilities. Development is also hampered due to a lack of bankable power purchase agreements, uncertainties over foreign currency availability and convertibility, and perceived political risks.
“This program is designed to work within these constraints and encourage private sector investment through an innovative blend of ADB’s direct private sector lending, ADB’s guarantees of commercial bank lenders, together with donor funds which provide a backstop to the payment obligations of the power utilities,” said PSOD Director General Mr. Michael Barrow. “It will help remove barriers to investment by enhancing the creditworthiness of power utilities and mitigating perceived political risk for lenders.”
The program aims to spur self-sustaining private sector development and, over time, reduce reliance by power utilities on grants and subsidies. A first project proposed for approval under the program has been identified and a financing plan is under discussion. To meet international donor requirements, participating projects will be required to adopt environmental and social standards and to demonstrate good gender parity in their energy projects and/or related community projects.
IEA holds high-level workshop on outlook for offshore wind energy
The IEA held a high-level workshop on the outlook for offshore wind energy on Monday, bringing together 80 senior representatives from government, the private sector, research groups, academia and international organisations.
Participants joined from countries around the world, including many from Europe, the United States, Japan and China. Altogether, the countries represented at the workshop account for 97% of current and planned offshore wind development.
Renewable energy is changing the nature of electricity supply, and offshore wind power has great potential to contribute to cleaner and more secure power systems. Technological improvements for offshore wind are improving performance and lowering the costs of the electricity it produces, drawing interest from markets across the globe.
Monday’s workshop covered the current status of and regional policy plans for the development of offshore wind, along with the key opportunities for accelerating deployment and the main challenges constraining growth. It took place in support of the first in-depth look at offshore wind in the World Energy Outlook (WEO), the IEA’s flagship publication.
“We must accelerate the deployment of all low-carbon technologies, from renewables to nuclear power to carbon capture, utilisation and storage,” Dr Fatih Birol, the IEA’s Executive Director, said in his opening remarks. “Our analysis has shown that decarbonising electricity as rapidly as possible is at the heart of any sustainable energy future, and offshore wind has a major role to play in this effort.”
Renewables capacity growth worldwide stalled in 2018 after two decades of strong expansion. At the same time, additional electricity supply from renewable sources failed to keep pace with the rapid growth in electricity demand. As a result, the power sector accounted for almost two-thirds of the global increase in CO2 emissions, which reached an all-time high in 2018. In this context, tapping the potential of offshore wind alongside other low-carbon technologies will be critical to achieving global sustainable development goals.
Dr Birol will launch the WEO Special Report on Offshore Wind in October in Copenhagen, Denmark, alongside the Danish Prime Minister. The World Energy Outlook 2019 will be launched on 13 November.
IRENA to Drive Clean Energy Transition at Ministerial in Vancouver
From 27-29 May, Ministers from over 25 countries will gather in Vancouver to accelerate progress towards a clean energy future. The objective of this year’s 10th Clean Energy Ministerial (CEM10) and 4th Mission Innovation (MI-4) hosted by Canada is to advance the development of clean energy policy, technology and innovation globally. The Canadian host will particularly highlight the leadership of women, Indigenous peoples and youth in the energy sector.
IRENA will be present, widely engaging in high-level meetings and side-events, therewith contributing to driving the clean energy transition further. IRENA’s delegation will be led by Director-General Francesco La Camera.
In addition to the Agency’s participation in ministerial plenary session, IRENA’s engagement will mainly focus on innovation, long-term energy planning and gender equality in the energy sector.
IRENA will provide insights about its recently published Innovation Landscape for a Renewable-Powered Future report focusing on innovations in market design that complement technology-driven innovation. The objective is to showcase innovation and feature cutting-edge technologies and solutions from around the world.
A dedicated session on long-term planning will provide an opportunity to share the key policy-relevant insights from the 1-year CEM long-term energy scenarios (LTES) Campaign and will allow attendees to discuss and debate the implications. The event aims at assisting policy and decision makers in understanding how long-term energy scenarios can inform their planning processes for the global transition. The event will also explore transition challenges and how these are reflected in scenarios and policy changes. For more information see Event Flyer.
IRENA will contribute to the ministerial debate on gender equality by presenting its latest report on Renewable Energy: A Gender Perspective. The objective is to rise awareness and improve the participation of women in the clean energy sector as well as close the gender gap.
More information on the website of CEM20/MI-4.
IEA publishes new review of Morocco’s energy policies
The International Energy Agency released the latest in-depth review of Morocco’s energy policies today, welcoming the institutional, legal and fiscal reforms undertaken to promote the sustainable development of the country’s energy sector.
The report was presented in Rabat by Dr Fatih Birol, the International Energy Agency’s Executive Director, in the presence of Morocco’s Minister of Energy, Mr Aziz Rabbah. The report is the IEA’s second in-depth review of Morocco’s policies, after a first edition was published in 2014. Morocco joined the IEA Family as an Association country in 2016.
Since the last review, the IEA noted the government’s positive efforts to boost renewable investment, provide access to electricity, and phase out of subsidies for fossil fuel consumption. With the exception of bottled butane, fuel prices are now linked to the international market.
Morocco is pursuing an ambitious energy transition pathway. But reductions in greenhouse gas emissions by 2030, in line with the country’s commitments to the Paris Agreement, will require the scaling up of private and public investments. The IEA’s review provides detailed recommendations to maintain the momentum for reform and increase ambitions for the country’s energy transition. It notes that Morocco has ample opportunities for efficiency improvements and more renewables deployment. For now, the country still relies on oil, gas and coal imports for 90% of its energy needs.In power generation, coal accounts for 54%.
In this context, the IEA welcomes the government’s renewed focus on energy efficiency, through the National Energy Efficiency Strategy and related action plans, for instance. Public procurement is an important driver for the deployment of cost-effective energy efficiency services and technologies. Morocco also refurbished its coal-fired power generation fleet with efficiency upgrades to ultra-supercritical technology. Providing adequate funding for energy efficiency programmes, and coordinating them across government agencies, is also critical.
The world’s largest concentrating solar park at Ouarzazate illustrates Morocco’s ambition and technological capability. To develop the country’s large renewables resources, the government is pursuing power sector reform, creating a national electricity regulatory authority, developing new interconnections with Spain and Portugal, and planning to boost power trading and integrate its electricity market regionally.
“I am very pleased to count Morocco as a member of the IEA Family,” said Dr Birol. “It was the first country in the Middle East and North Africa to join us. Morocco’s success in moving towards universal access and phasing out fossil fuel subsidies is a role model for many countries, making it an ideal partner to host regional training and capacity building programmes that help to improve energy policy making across Africa.”
Minister Rabbah and Dr Birol agreed to increase the collaboration between Morocco and the IEA, including through new training activities on energy efficiency policies and data gathering for a wider group of African countries.
The review also provides recommendations for strengthening oil, gas and electricity security. Morocco is now fully dependent on oil product imports after the closure of its only refinery in 2015 and needs to invest in storage capacity and strengthen its stockholding regime. Domestic gas discoveries and the global abundance of liquefied natural gas offer a new context for the role of gas in Morocco.
This in-depth review was carried out by the IEA at the request of the Ministry of Energy, Mines and Sustainable Development, with input coming from many authorities and energy sector stakeholders in Morocco.
Indian Nuclear Explosions of May 98 and Befitting Response
India started nuclear program soon after independence. The Atomic Energy Act was passed on 15 April 1948, leading to the...
Four Things You Should Know About Battery Storage
The global energy landscape is undergoing a major transformation. This year’s Innovate4Climate (I4C) will have a priority focus on battery...
EU Facility for Refugees in Turkey: Solid progress in supporting refugees
The Commission reported today good progress in the implementation and programming of €6 billion of the EU Facility for Refugees...
Historic, Storyful, New: Iconic Caribe Hilton Is Officially Open
Caribe Hilton, admired as one of Puerto Rico’s most beloved resorts, retakes center stage, officially debuting a more than $150...
Convergence Of Competitive Markets And Indian Elections
If competition is a key component of a flourishing economy, it is equally true that competition in electoral politics and...
Organisations that embed cybersecurity into their business strategy outperform their peers
Organisations that take a business-driven cybersecurity approach to their digital initiatives achieve better outcomes and outperform their peers, according to...
Euro – 20 years on: Who won and who lost?
The common European currency – the euro – came into being 20 years ago. Since January 1, 1999, the euro...
Intelligence2 days ago
Central Asian Jihadi Groups Joined Taliban’s “Al-Fath Jihadi Operations”
Green Planet2 days ago
India advances ground-breaking plan to keep planet and people cool
Russia3 days ago
It Is Crucial to Watch Changes among the Russian Elites
South Asia3 days ago
Is PTM Genuine to its Cause?
Economy2 days ago
Afreximbank Meets Ahead of Russia-Africa Summit
Middle East2 days ago
The Iran Question
Hotels & Resorts2 days ago
Marriott International Debuts JW Marriott Hotel in Qufu, Birthplace of Confucius
Reports2 days ago
Urgent action needed to address growing opioid crisis