Türkiye's push towards distributed renewable energy offers a promising blueprint for the future, and I’m happy that The World Bank is part of this important effort. The rise of technologies like rooftop solar and small solar farms is unlocking new opportunities that are transforming power systems across Europe and #CentralAsia. Over the past decade, #Türkiye has tripled its renewable energy production and set an ambitious goal of adding 60GW of wind and solar by 2035, as part of its commitment to become carbon neutral by 2053. A new World Bank-supported program is now helping Türkiye accelerate its distributed solar market—aiming to generate nearly 1GW of solar power, cut emissions, and drive private sector investment. Learn more in our blog: https://lnkd.in/g5M7F_qY Congratulations to Stephanie Gil STEPHAN GARNIER Manuel Berlengiero Alan Lee Arnaud Braud for driving this work. A shoutout to ESMAP - Energy Sector Management Assistance Program and the Climate Investment Funds' Clean Technology Fund. Humberto Lopez Kalkınma Yatırım Bankası TSKB | Türkiye Sınai Kalkınma Bankası Tunya Celasin Aydinalp Zarina Nurmukhambetova
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Here are the top three key insights from the energy sector, curated by the World Economic Forum’s Centre for Energy and Materials: 1. Massive Investment in Energy Transition: In 2023, #globalinvestments in the #energytransition reached a remarkable $1.8 trillion, reflecting the urgency and scale of efforts to shift towards #cleanerenergysystems. This #investment spans various sectors, from #renewables to #innovativeenergytechnologies, aiming to curb #emissions and foster #sustainability. 2. Rapid Expansion of Renewable Capacity: The world saw an impressive 50% increase in renewable energy-generating capacity compared to 2022, underlining the accelerating momentum towards a greener energy future. Solar, wind, and hydropower installations contributed significantly to this growth, making it a landmark year for renewable adoption. 3. Strategic Insights in the 2024 Energy Transition Report: The "Fostering Effective Energy Transition 2024" report by the World Economic Forum highlights not just the #financial and #technologicaldevelopments, but also the critical need for international collaboration, #policyreforms, and #innovativebusinessmodels to ensure a #resilient, #sustainable, and inclusive #globalenergytransition.
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The need to mitigate climate change and achieve the Paris Agreement targets is more urgent than ever. To limit the global temperature increase to two degrees Centigrade above pre-industrial levels, the world agreed to triple renewable energy supply to around 11,000 GW by 2030. What are the implications of this pledge on the renewable energy landscape? At Renewable Energy Markets™ Asia 2024, #REDEX Founder and CEO Jen Wee KANG provided insights on the trends shaping the Asian renewable energy industry to business and key opinion leaders. He shared that the overwhelming majority of new #renewable energy installations will be solar photovoltaics, with distributed solar comprising around 50 percent of annual new capacity over the next few years. He added that residential rooftop, boosted by regulatory and demand factors in Asia, will contribute significantly to new capacity. Jen Wee also explored the role of Impact Renewable Energy Certificates (#RECs) in providing sustainable development to underserved areas. By offtaking Impact RECs, corporates not only reduce Scope 2 emissions, but also contribute to educational and economic opportunities to the underprivileged, helping to build self-sustaining and resilient communities. This analysis was explored in detail by CFO Ti Howe Guai who hosted a series of small group discussions at the event. We thank the Center for Resource Solutions for organising this event that provided a valuable platform for stakeholders in Asian #sustainable energy markets to share strategies, innovative ideas, and opportunities for collaboration! #renewableenergycertificates #renewableenergy #REC #cleanenergy #energytransition
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🌐Development Finance for Renewable Energy Generation by Channel, 2013, 2017 & 2022. 💡The global #financial landscape continues to put low-income countries at a significant disadvantage, with the cost of #capital for renewable #energy projects reaching as high as 10%, compared with less than 4% in high-income countries. Instead of supporting developing countries’ efforts to leapfrog #fossil fuels and establish renewables-based economies, this situation exacerbates #inequality and prevents these countries from benefitting from the huge opportunities presented by renewables - not only to address energy access, but also to drive #economic and #industrial development. 🌐ren21.net/gsr-2024/ REN21
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🌐Development Finance for Renewable Energy Generation by Channel, 2013, 2017 & 2022. 💡The global #financial landscape continues to put low-income countries at a significant disadvantage, with the cost of #capital for renewable #energy projects reaching as high as 10%, compared with less than 4% in high-income countries. Instead of supporting developing countries’ efforts to leapfrog #fossil fuels and establish renewables-based economies, this situation exacerbates #inequality and prevents these countries from benefitting from the huge opportunities presented by renewables - not only to address energy access, but also to drive #economic and #industrial development. 🌐ren21.net/gsr-2024/ REN21
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The global energy landscape is undergoing a remarkable transformation! 🌍✨ Countries are revising their renewable energy targets and investing in innovative technologies. Egypt is adjusting its renewable goals while continuing significant projects, the UK is launching a new initiative for long-duration energy storage, and Italy is making strides in solar power with substantial funding for new farms. Plus, Taiwan and Ireland are ramping up their wind power capacities. These developments highlight the commitment to a sustainable future as nations embrace cleaner energy solutions! 💚🔋☀️ #RenewableEnergy #Sustainability #CleanEnergy https://lnkd.in/eQY9Q5x9 #SolarPower #RenewableEnergy #GreenTech #SustainableLiving #EcoFriendlyInnovation
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#SUERFpolicybrief "Capital markets and renewable energy in the EU" by Florian Horky and Reiner Martin (Národná banka Slovenska) This policy brief examines the role of #capitalmarkets in accelerating the adoption of #renewable #energy sources across Europe. Well-designed transition strategies towards renewable energy are important to help mitigating climate change and to shield European economies from energy price volatility and geopolitical disturbances. Our findings show, that capital markets play an important role in speeding up the adoption of renewable energy production through more risk-tolerant investments. This applies in particular to investments in wind energy, but arguably also to large-scale investments in solar power generation. Results suggest that stronger EU capital markets and the completion of the #CapitalMarketsUnion (CMU) could play an important role in speeding up the transition towards a green EU energy sector. 📄https://lnkd.in/d95QBKxa
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🌍☀️ Renewable Energy Revolution: The Race to 2030 The world is on track to power nearly half its electricity with renewables by 2030, thanks to surging solar and wind growth. But we’re still shy of the goal to triple renewable capacity this decade, set at COP28. Here’s what the IEA’s latest report reveals: 🔸 Solar shines brightest: 80% of global renewable growth will come from solar by 2030. 🔸 China leads the charge: Accounting for nearly 60% of new renewable capacity, it’s set to hold almost half the world’s total by decade’s end. 🔸 Global grid needs a boost: To keep up, 25 million kilometers of power lines and 1,500 GW of storage are essential. With stronger international cooperation, ambitious national targets, and continued public adoption, the tripling target is still within reach. Let's light the path to a sustainable future! 💡 https://lnkd.in/g47fm7Ne #RenewableEnergy #SolarPower #WindEnergy #Sustainability #GreenFuture
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#DYK? 💡 In 2023, G7 countries increased their capacity by 7.6%, while the G20 nations increased theirs by 15.0%. Overall, the global expansion was led by Asia w/ a 69% share. Despite record addition of 473 GW however, new International Renewable Energy Agency (IRENA) report indicates that majority of the developing world is cut off from the #EnergyTransition benefits. Read more⬇ https://lnkd.in/gR74a8vX
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Remarkable renewable capacity growth also reflects glaring disparities across regions. Despite massive economic opportunities and development needs a vast majority of developing countries are left behind. Policy interventions and a global course-correction are urgently needed to overcome structural barriers and create local value in emerging market and developing economies.
#DYK? 💡 In 2023, G7 countries increased their capacity by 7.6%, while the G20 nations increased theirs by 15.0%. Overall, the global expansion was led by Asia w/ a 69% share. Despite record addition of 473 GW however, new International Renewable Energy Agency (IRENA) report indicates that majority of the developing world is cut off from the #EnergyTransition benefits. Read more⬇ https://lnkd.in/gR74a8vX
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473 GW of new renewable energy last year, but still very far from what the world needs, around 1'100 GW, per year... It's time for bolder actions from G7 countries. Different actions and more effective results are being made in China. It's time to scale up quicker because time is limited and running away.
#DYK? 💡 In 2023, G7 countries increased their capacity by 7.6%, while the G20 nations increased theirs by 15.0%. Overall, the global expansion was led by Asia w/ a 69% share. Despite record addition of 473 GW however, new International Renewable Energy Agency (IRENA) report indicates that majority of the developing world is cut off from the #EnergyTransition benefits. Read more⬇ https://lnkd.in/gR74a8vX
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