Abu Dhabi: The need to decarbonise energy to address climate change is becoming a driving force for deployment of renewable energy and the world has started grabbing this opportunity for positive change, according to the Abu Dhabi-based International Renewable Energy Agency (Irena).
“The time for action is ripe. Declining technology costs, clear examples of success around the world, better business models and available investment have created a momentum of opportunity that is increasingly being seized. This is reflected in renewables investment worldwide,” Adnan Z. Ameen, Director-General of Irena, said here on Monday.
After a downturn in 2013, over $175 billion (Dh642.25 billion) was invested in renewable energy power in the first nine months of 2014, a 16 per cent increase compared with the same period last year, he said quoting the latest records of BNEF (Bloomberg New Energy Finance).
Ameen was presenting the agency’s annual report at the opening session of a two-day meeting of the Council, an organ comprising 21 members and responsible for reviewing the intergovernmental agency’s progress and approving its work programme.
While there are differences in approaches and priorities to economic and social development, all countries have one goal in common – job creation. The renewable energy sector has already become a major employer, supporting around 6.5 million jobs [14 per cent increase since 2012]. “We continue to refine the methodology and data on jobs, with the next review to be released in 2015,” Ameen said.
Apart from Council members, an additional 71 members are also attending the meeting, which reflects the enthusiasm of members in Irena’s work.
The membership of the agency has grown to 135 [134 nations and European Union] and another 36 nations are in the process of accession, Ameen said. Twenty-six members have accredited permanent representatives to the agency, he said.
This year, Irena has been called upon to take the lead on catalysing action on renewable energy in the context of the UN Secretary-General’s Climate Summit that took place in September. Irena focused on mobilising action in two of its programmatic activities, namely, the Africa Clean Energy Corridor (ACEC) and the new Small Island Developing States (SIDS)-focused initiative - the Lighthouses. Both initiatives significantly advanced during the preparatory process, culminating in the Climate Summit where heads of state and government, CEOs and financing institutions voiced their strong support and commitment to realising the ambition of these initiatives, Ameen said.
“[At the council] we will discuss in more detail how we can build on the momentum created by the Climate Summit to advance existing initiatives as well as identify new opportunities and strategies for promoting renewables as one of the key solutions to stabilising the climate system,” Ameen said.
The world energy challenges are well known: responding to a predicted growth in the coming decades, increasing energy security and ensuring universal access, while reducing the environmental impacts of energy production and use. As the transformation to a clean energy system has risen to the forefront of the global agenda so has the relevance of Irena’s mission, Ameen said.
