Global Renewables Alliance (GRA)’s Post

The Global Solar Council (GSC) acknowledges the deal at #COP29 Baku, which keeps the social contract within the Paris Agreement alive - but only just. The “Finance COP” has agreed a new finance target of $300bn from developed to developing countries for climate related projects. However compare that to the $500bn a year that is currently being invested in solar PV alone globally according to International Energy Agency (IEA) estimates - mostly in developed countries - and you realise how much more private finance can do if the economics are right. We in the Global Solar Council will focus on mobilising low cost private finance for solar around the world and using the scarce grants and concessional subsidised finance primarily for smaller-scale renewables in the Least Developed Countries and islands that need it most. Our International Solar Finance Group, launched last week in Baku and led by Jinko Solar Co., Ltd. and LIN SUN will work across Multilateral Development Banks and private investors to bring the cost of capital down for solar projects in developing countries from eg 15% to 5%. The Global Renewables Alliance (GRA) and Ana Rovzar Bruce Douglas are also working to solve the finance barrier for all renewables, all over the world. #3xRenewables Solar has the potential to be transformational for small islands and the most vulnerable countries, allowing households and villages to access clean energy, pull themselves out of poverty and sometimes power their lives for the first time. The Global Solar Council will also work to maximise the #adaptation and resilience benefits of solar PV, storage and distributed renewables. We need a more distributed electricity system with household solar and storage that can go into “off grid mode” during blackouts and natural disasters. The International Solar Alliance, the intergovernmental organisation on solar, will also work to strengthen its Global Solar Facility to empower developing countries to grab the opportunity of the solar revolution that is underway. We just did 2TW of solar PV globally, and can do so much more. #SolarCanDeliver https://lnkd.in/eBspJqeN We will also work with the Greening the Islands Foundation to deliver solar and green energy solutions for the smallest and most vulnerable islands, who were the protagonists, the heros, of this COP. Samoa, Marshall Islands, the Maldives, Dominican Republic - we stand with you to deliver 100% renewable islands and show how it’s done. Gianni Chianetta Francesco Luise Global Solar Council is available for comment and broadcast, in London, Brussels and all over the world through our network. Huge thanks to the incredible Global Solar Council CO29 team of Alyssa Pek Abdallah Alshamali Léo Echard and Rita Ren. We will do a separate reaction on grids and storage.