The International Renewable Energy Agency is teaming up with French utility ENGIE to deploy large amounts of solar.
On the sidelines of COP21 in Paris last December, the CEO of ENGIE helped launch the TerraWatt Initiative, which calls for 1 terawatt of additional solar PV capacity installed by 2030, and will also include an additional $1 trillion of investment in solar power infrastructures.
Over a month later, the International Renewable Energy Agency (IRENA) Director-General, Adnan Z. Amin, met with Isabelle Kocher, Deputy CEO and Chief Operating Officer of ENGIE and first Chairman of the private sector Terrawatt Initiative, to initiate the establishment of “proper conditions for the substantial deployment of competitive solar power generation.” Specifically, the cooperation between the two organizations aims to explore “concrete ways to implement the objectives of the Paris Agreement as soon as possible, with a specific focus on solar power generation.”
Areas of possible future cooperation discussed at the meeting include:
- Reducing the cost of finance and cost of technology for immediate deployment of competitive solar generation assets;
- Supporting industrial capacities, through support for development and implementation of appropriate regulatory frameworks and innovative financial and risk mitigation instruments;
- Developing a systemic approach for the massive integration of renewables, solar in particular, in the energy systems at local, national and regional level, and, paving the way for future solar generation energy storage and technology solutions adapted to each country’s individual needs.
“We welcome private sector initiatives seeking to mobilize the much needed investments to massively scale up the deployment of solar energy,” said Adnan. Z Amin. “Solar power is now cost competitive in many parts of the world and is key to boosting energy access, meeting sustainable development goals and mitigating climate change.”
“Countries have an opportunity to benefit from abundant and affordable solar power, and reap these benefits,” said Isabelle Kocher. “We look forward to cooperating with IRENA, the global authority on renewable energy, and in particular with IRENA’s Sustainable Energy Marketplace, to facilitate the financing of solar energy projects through appropriate instruments and vehicles.”