ADFD injects United States dollars 105m in eight renewable projects

Abu Dhabi grants US$105m to global renewable energy projects

Electricity from renewable sources, mainly solar and wind, will provide 57% of global power by the end of the current decade, up from just 26% today, IRENA said.

He added, "Today's announcement re-affirms the UAE's and ADFD's leading efforts to combat the effects of climate change by stimulating robust development across the global renewable energy sector".

Deputy Minister of Foreign Trade and Economic Relations of Bosnia-Herzegovina Ljiljana Lovric led the delegation of BiH's at the 10th Assembly of the International Renewable Energy Agency (IRENA) from 10th to 12th January in Abu Dhabi (United Arab Emirates). Through cooperation with partners on the Climate Investment Platform CIP we have started working towards unlocking the much-needed financial resources for clean energy transition particularly in developing countries.

An worldwide clean energy promotion organization called Sunday for investments in renewable energy projects has more than doubled, shuffling resources from fossil fuels.

"Close to $10 trillion of non-renewables related energy investments are planned to 2030, risking stranded assets and increasing the likelihood of exceeding the world's 1.5 degree carbon budget this decade", IRENA said.

IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity.

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"Savings could amount to between $ 1.6 trillion and $ 3.7 trillion per year by 2030, three to seven times higher than investment costs for energy transformation", the report said. Strengthening the case for renewable energy, IRENA pointedtofalling technologycosts.

A project will receive an ADFD loan of US$20 million to install 8.5 MW of solar PV capacity, supported with 2 MW of energy storage, in Isla de la Juventud.

International Renewable Energy Agency (Irena) director-general Francesco La Camera stressed the need for stronger policies and more investment. The two technologies could cover over a third of global power needs.

The Facility supports developing countries in securing low-priced capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development on the ground. "We know it is possible...but we must all move faster".

According to the agency's data, 60% of new electricity access can be met by renewables in the next decade with standalone and minigrid systems providing the means for nearly half of new access.

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