Latest news with #UNSustainableDevelopmentGoal7
Time of India
20-05-2025
- Business
- Time of India
India, other BRICS nations call for increased concessional financing for low-carbon energy transition
India along with BRICS countries has called for increased concessional and low-cost financing from developed nations to help emerging nations transition towards low-carbon energy usage. Union Minister for Power Manohar Lal is leading a delegation to attend the BRICS Energy Ministers' Meeting which began on May 19 in Brazil. Apart from India and Brazil, BRICS countries include Russia, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. "Affirming each country's right to determine its own energy transition path and pace, the ministers advocated efficient use of all energy sources and called for increased concessional and low-cost financing from developed to developing nations," a power ministry statement said on Tuesday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nguyen Cu Trinh: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More The energy ministers also highlighted the role of the New Development Bank (NDB) in promoting sustainable energy infrastructure , especially through local currency financing. At the Energy Ministers' meeting, the participants called for stronger partnerships, supported open, fair, and non-discriminatory international energy markets, and encouraged the use of local currencies in energy trade, the statement said. Live Events The ministers also advocated for the adoption of fair, transparent, and consistent guidelines for assessing carbon intensity, energy classification, and mutual recognition of taxonomies and certifications. Underscoring energy security as vital for socio-economic development, they highlighted the importance of market stability, resilient infrastructure, diversified energy sources, and critical minerals for clean technologies . In his address, Lal underscored the vital role of fossil fuels in the global energy mix -- especially for developing countries -- and urged greater cooperation to promote their cleaner and efficient use through technologies such as coal gasification, carbon capture and storage, and green chemical innovations. BRICS energy ministers reaffirmed their commitment to strengthening energy security and advancing UN Sustainable Development Goal 7 (SDG 7), focusing on universal electricity access, clean cooking, and tackling energy poverty. "They emphasised the need for just, inclusive, and balanced energy transitions in response to climate change," the statement said. Highlighting India's achievements in the energy sector over the past decade, Lal said the country has increased its electricity capacity by 90 per cent to reach 475 GW in 2025 and aims to achieve 900 GW by 2032. Besides, India is launching a domestic carbon credit market, and invites interested players from across the globe for collaborations, Lal said. As per the statement, the BRICS ministers have also reaffirmed the goal to double energy efficiency by 2030 and emphasised enhanced cooperation and knowledge sharing.
Observer
16-03-2025
- Science
- Observer
The key to universal energy access is green
Our planet and its inhabitants are in trouble. The Intergovernmental Panel on Climate Change estimates that to meet the targets of the 2015 Paris agreement and keep global warming below 2° Celsius (relative to pre-industrial levels), renewable energy must supply 70-85 per cent of the world's electricity by 2050. In other words, renewable capacity must triple by 2030 to avert a climate catastrophe. Yet, despite the existential threat posed by climate change, a joint report released by the International Renewable Energy Agency (IRENA), World Bank, World Health Organization, International Energy Agency, and the United Nations Statistics Division paints a grim picture: the world is not on track to achieve UN Sustainable Development Goal 7, which aims to 'ensure affordable, reliable, sustainable and modern energy for all.' As of 2022, 685 million people still lived without access to electricity, and 2.1 billion relied on polluting and hazardous cooking fuels. The problem is particularly pronounced in Africa, where 600 million people currently lack energy access. Electrification has not kept pace with population growth, and centralised power grids have consistently failed to reach those most in need. Consequently, many Sub-Saharan communities depend on expensive diesel generators. These carbon-intensive systems account for an estimated 360 gigawatts of electricity generation in low- and middle-income countries (LMICs), with annual fuel costs exceeding $40 billion. Fortunately, it is not too late to change course. Distributed renewable energy (DRE) solutions, which include mini, metro and mesh grids, as well as small-scale household systems like photovoltaic (PV) solar panels and battery storage, are the key to ensuring electricity for all while meeting the world's climate goals. Mini-grids, which often rely on renewable-energy sources like solar PV, are small-scale generators connected to localised distribution networks that can operate independently or link to main grids when available. Their scalability makes them well-suited for rural populations and enterprises such as farms, small factories and schools, as well as for bolstering urban networks. According to IRENA, more than 150 million people were served by off-grid renewable energy systems in 2023. Scaling DRE systems in LMICs is crucial to expanding energy access and decarbonising power grids. With their unmatched flexibility, these technologies are ideal for electrifying underserved communities, boosting small-business productivity, and strengthening national energy resilience and security. At scale, DRE has the potential to deliver electricity to an additional 500 million people and reduce carbon emissions by 1.2 gigatons by 2030. To accelerate the green transition and help close the energy access gap by 2030, IRENA, the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, and the Global Energy Alliance for People and Planet (GEAPP) are committed to deploying DRE technologies such as mini-grids and standalone solar home systems in LMICs. Projects across the developing world have shown that DRE is more cost-effective than fossil fuels and better suited to decentralised energy distribution. A prime example is Energising Development (EnDev), a multi-donor partnership led by GIZ and the Netherlands Enterprise Agency (RVO). Over the past 20 years, EnDev has provided energy access to more than 31.6 million people across Africa, Asia and Latin America at an average cost of just €12.2 ($13.3) per person. Its success can be attributed largely to market-based support tailored to local needs, as well as to results-based financing. Given the systemic barriers preventing clean-energy companies from accessing adequate financing, – which connects projects and companies with suitable financiers and is part of the Global Energy Transformation Programme – has mobilised €1.6 billion in funding for more than 130 DRE initiatives. One such initiative, OnePower Lesotho, has raised approximately €9 million to bring electricity to 30,000 people in remote mountainous regions. In Mauritius, IRENA has financed the installation of 10,000 standalone rooftop solar systems, adding combined capacity of ten megawatts of clean electricity. This programme has already delivered tangible benefits, reducing beneficiaries' electricity bills by 50 per cent, cutting up to 15,000 tonnes of carbon dioxide emissions annually, and saving $400,000 on diesel imports. Similarly, Nigeria's interconnected, GEAPP-backed Toto mini-grid has benefited customers, developers, and companies alike. Since its launch in May 2023, electricity consumption and customer connections have increased by over 400 per cent, according to data from the mini-grid developer PowerGen Renewable Energy. The average revenue per user is now three times higher than that of remote mini-grids – a promising sign in a market where generating sufficient revenue remains a significant challenge. Although DRE is the most sustainable and cost-effective way to electrify off-grid communities, additional support and investments are urgently needed to achieve universal energy access by 2030. As global temperatures hit record highs, electricity access is one of the most urgent challenges of our time. With renewable-energy technologies maturing and component costs steadily declining, DRE has the potential to replace a significant share of existing diesel generators and prevent new ones from being installed. If deployed at scale, DRE could reduce poverty, drive economic development in LMICs, accelerate the transition away from fossil fuels, and bring us closer to achieving SDG7. But realising this vision will require greater cooperation between governments, multilateral development banks, private companies and philanthropic organisations to secure grants and concessional financing for clean-energy projects. Initiatives like the Accelerated Partnership for Renewables in Africa and Mission 300 – a joint effort by the World Bank and the African Development Bank to bring energy access to 300 million Africans by 2030 – are steps in the right direction. By fostering public-private partnerships and harnessing the transformative potential of DRE technologies, we can make universal energy access a reality and build a greener, more equitable future for all. @Project Syndicate, 2025 By Francesco La Camera The writer is Director-General of the International Renewable Energy Agency and Ingrid-Gabriela Hoven The writer is Managing Director of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
