Thank you ICESCO for inviting our Director of Strategy, Mark Hinnells to present his and our Chief Economist Farhad Taghizadeh-Hesary's findings of draft report on driving #finance into #renewable energy at COP29 Azerbaijan, for 53 Islamic countries. Final recommendations will be produced at the end of January 2025.
On behalf of Climate Finance Asia and my colleague Farhad Taghizadeh-Hesary, I presented the findings of our draft report on driving finance into renewable energy at COP29 Azerbaijan, for the 53 Islamic countries that make up ICESCO. I am very grateful to ICESCO, and Fahman Fathurrahman, PhD, for organising, and the guests on our panel for their contributions including Maged Mahmoud, Radia Sedaoui, Grammenos Mastrojeni, and Amr Sobhy of IsDB. We will take the feedback from our workshop at COP, and an earlier workshop in Egypt, and develop our final recommendations on financing renewable energy in the Islamic world, just as signatories to the #ParisAgreement frame their third round of #NationallyDeclaredContributions for submission at the end of January 2025. Key to our findings include: - There are lots of different types of finance from grants to secured project loans, to equity investments, to buying carbon credits. Each of these routes comes at a different cost and return. - A key issue to reducing the cost of investment is to increase confidence for investors by market reform. - We need all scales of renewable energy to meet Paris and NDC targets, but small-scale renewables face greater barriers and need particular support. We will share more detailed lessons from the workshop and report shortly. #COP29 #climatechange #climateemergency #sustainablefinance #climatefinance #transitionfinance #islamicfinance #renewableenergy #PV #solarenergy #windenergy #solarpower #windpower #ICESCO #asia #BAKU #NDC
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1moGreat job