Philippines is among emerging economies urged to raise “Clean Energy Finance” before the 2024 United Nations Climate Change Conference

The Philippines has clearly stated its energy transition roadmap – a 35% share of RE installations in its energy providers by 2030 and 50% by 2040.

The country has made fervent efforts to decarbonize and conserve energy usage for both the private and public sectors in its energy efficiency investment route. 

However, its transition to clean energy will require billions of dollars, resulting in an aggressive competition for capital flow with other emerging economies.

The top agenda of the 2024 United Nations Climate Change Conference (COP29) to be held in Baku, Azerbaijan, is to boost the stream of “clean energy finance for emerging economies”, and so these countries are expected to make good on their commitments.

International Energy Agency (IEA) executive director Dr. Fatih Birol stressed “the importance of boosting clean energy financing in emerging economies”. He states the need to prioritize this during the discussion rounds at the summit.

The IEA is keen on “tracking progress” from the COP28 commitments, prioritizing 200 countries who pledged to triple renewal energy investments by 2030, then doubling energy efficiency improvements before 2033. Among the key methods is shifting away from fossil fuels.

It recommends sharing policy advice and exchanging ideas with leaders in global forums, determined for the promises made by these countries to yield tangible results.

The IEA sees the transition to clean energy as inevitable seeing the constant stream of news on the worsening climate crisis, and the continuous dip in the costs of technological innovations for “green energy.”

Despite this, emerging countries face foreboding obstacles in terms of capital flow to set these plans in motion. These economies struggle in financing clean energy project development projects, therefore making it a primary concern as well for global energy leaders.

“It’s now cheaper to build onshore wind and solar power projects than new fossil fuel plants almost everywhere worldwide, Birol emphasizes, adding, “the price of electric cars continues to come down and their market share keeps rising – all while innovation on low-emissions technologies is moving ahead quickly.”

Finally, the IEA chief says “the events of recent years – including the turmoil caused by the global energy crisis, the sharp spikes in fossil fuel prices and the effects of extreme weather – are all reminders of why we need to press ahead.”

Source: Boost for ‘clean energy finance’ for emerging economies pushed ahead of COP29