The International Renewable Energy Agency (IRENA) has invited renewable energy project developers to register suitable projects through a purpose-built portal organized around 14 regional clusters to contribute to its Climate Investment platform (CIF), including SouthEast Asia.
The CIF platform was developed in response to country-based needs to mobilize low-carbon, climate-resilient investments. This initiative was launched by a coalition of intergovernmental partners during the UN Climate Action Summit in September 2019 and is now coming into fruition.
IRENA had launched the Climate Investment Platform to increase the investment in developing countries and promote renewable energy project development along with its partners, SEforAll, UNDP, and in collaboration with Green Climate Fund.
“Unlocking the finance needed to accelerate the global energy transformation towards climate and sustainable development goals is well recognized as being key to success,” said IRENA Director-General Francesco La Camera.
“The capital needed to accelerate the energy transformation is available and can be increasingly channeled into appropriate, high-impact, promising project opportunities,” La Camera added.
Additionally, IRENA said that it would also host a series of regional investment forums designed to connect registered participants, including governments, along with financial partners, to boost their renewable energy projects to promote the implementation of the Climate Investment Platform.
Recently, the Ministry of New and Renewable Energy (MNRE) opened an Industry and Investors’ Facilitation Centre, which would work as a focal point to provide all the information regarding programs and policies of the government and resolve issues related to renewable energy investors and industry.
Previously, the Ministry of Petroleum and Natural Gas also decided to constitute a committee of eminent persons and experts for dispute resolution to attract domestic and foreign investment.
Image credit: IRENA
Nithin is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai. More articles from Nithin.