The IRENA Director General appreciated Ethiopia's renewable Energy regional integration
The IRENA Director General appreciated Ethiopia's renewable Energy regional integration
April 20,2024. The final day of the IRENA 14th Assembly focused on the topics of bankable renewable energy projects, Africa's energy transition, the important roles of geothermal energy and green hydrogen, as well as the policy and skills needed to accelerate the energy transition.
Members also continued to convene to push collaboration and cooperation forward towards the tripled renewables target by 2030.
During the closing session of IRENA, comments were made by H.E. Dr. Ing. Habtamu Itefa, Minister of Water and Energy. Dr. Ing. Habtamu said, "We have also now prepared private-public partnership models that will increase the confidence of the private sector.” on actions taken by Ethiopia to increase private sector investment to foster bankability to expand solar, wind, and geothermal projects. Hi Excellency highlighted Ethiopia's energy strategy, which exemplifies the commitment of Ethiopian Prime Minister H.E. Dr. Abiy Ahmed to harnessing renewable energy sources. "We are close to achieving our target of 100% renewable energy by 2030 to propel our economy forward and achieve energy independence," Dr. Ing. Habtamu underlined that, ‘’The Ethiopian government is committed to regional integration by sharing its energy with neighboring countries like Kenya, Djibouti, and others. This strategy is not only used to ensure our economy but also to secure regional peace and security,’’ he concluded.
IRENA director general Raul Alfaro Pelico, Director of Knowledge, Policy, and Finance Center (KPFC) at IRENA, closed the plenary session, reflecting on the need for a new paradigm on bankability and project impact to derisk investment, increase public-private partnerships, and accelerate collaborative efforts to catalyze a global shift like what the Ethiopian government does. Mr. Raul noted that “the energy transition is also expected to increase energy sector employment, with renewable energy jobs potentially tripling from the current 13.7 million to 40 million by 2050.
Investments in other energy transition-related technologies could result in a substantial increase in job opportunities.” Mr. Raul also made note of the possible misalignment of future job opportunities owing to developmental and geographical disparities. He called for just transition policies like tax credits, subsidies, grants, and public research and development to ensure that the misalignments do not become barriers to the renewable energy transition.
In the session, the participants will explore the African Renewable Power Alliance (APRA) and its strategy for boosting renewable energy in Africa through international collaboration. The panelists will discuss how adapting to the unique needs of different African regions is crucial to overcome challenges, leverage partnerships for greater renewable energy investment, and build a resilient local private sector in Africa's renewable landscape.