GEAPP GLC moves forward to accelerate access to clean, affordable energy for all

by MMC
0 comment
  • At the second annual meeting, more than 30 institutions, from development finance, the private sector, government and philanthropy, reaffirmed their commitment to reducing the cost of renewable energy.
  • The BESS (Battery Energy Storage Systems) consortium is in the process of mobilizing 5 gigawatts (GW) of storage in up to 30 countries.
  • Strong progress on commitments to significantly grow the distributed renewable energy (DRE) sector to power the lives and livelihoods of 500 million people.

NEW YORK, September 21, 2023 /PRNewswire/ — Today, the Global Leadership Council (GLC) of the Global Energy Alliance for People and Planet (GEAPP) met on the sidelines of UNGA 78 to review progress accomplished against its two flagship initiatives: first, mobilizing 5 GW of accelerated electricity commitments to battery energy storage systems (BESS); and secondly, enable large-scale aggregation in the distributed renewable energy (DRE) sector, with the short-term objective of ensuring 500 million dollars group market order by the end of 2024.

These are crucial steps to unlock an estimated 90 GW market for BESS in Africa, Asia, Latin Americaand the Caribbean and lower the average price of DRE electricity by more than $0.5/kWh in most contexts today, down to below $0.25/kWh within five years. Together, these initiatives have the potential to transform the pace at which energy poverty can be reduced. Currently, the world’s electricity systems are not serving the people who most desperately need energy; Today, 3.6 billion people still live in energy poverty, of whom 760 million have no electricity and 2.8 billion have expensive and unreliable access.

“The GLC is working together to overcome barriers to renewable energy adoption in low- and middle-income countries,” said Co-president of the GLC, Jonas Gahr Støre, Prime Minister of the Kingdom of Norway. “We need a more ambitious and globally inclusive renewable energy agenda, and to achieve this it is essential to find partners, secure finance from new sources and encourage creativity.”

THE Battery Energy Storage Systems (BESS) Consortium is a multi-stakeholder partnership established to galvanize a transformation of energy systems in Africa, Asia, Latin Americaand the Caribbean via expanded deployment of battery energy storage. The objectives of the Consortium are as follows:

  • Secure 5 GW of BESS commitments by the end of 2024
  • Mobilize more 4 billion dollars in subsidized, concessional and commercial financing to accelerate the deployment of projects
  • Unlock the deployment of 90 GW necessary by the end of this decade to enable 400 GW of renewable energy that avoids a gigaton of carbon dioxide emissions

THE Distributed Renewable Energy (DRE) Scaling Initiative aims to enable collective action to unlock market potential in developing countries, bringing affordable and reliable energy to almost half a billion people which are not served by traditional electricity networks. The objectives of the initiative are:

  • Develop a 500 MW gas pipeline purchases in three to four key markets by Q4 2024
  • Enable order volumes for DRE technologies totaling 500 million dollars by the fourth quarter of 2024

“As GEAPP approaches its second anniversary, the GLC plays a critical role in ensuring the scale, urgency and connectivity of our initiatives,” said Simon HarfordCEO of GEAPP. “Whether it is the GEAPP which facilitates the first wave of BESS in Indiaor our investment in private sector development of metropolitan solar grids in eastern DRC, the GLC supports our efforts and amplifies our reach as the climate emergency continues to take hold.

“Renewable energy is out of reach for too many people. Expanding access to stable, affordable clean energy is a crucial part of our climate solution,” said Ajay Bangapresident of the World Bank. “The World Bank supports the efforts of the GEAPP Global Leadership Council to address these challenges, and we must continue to act with even greater urgency and scale. »

“Addressing the existential threat of climate change requires urgent and bold leadership. That’s why I’m energized by the GLC’s mission and its ability to connect leaders around the world,” said Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organization. “This work helps facilitate the just energy transition the world needs, and I encourage the GLC to continue on its path with even greater urgency, scale and action. »

“Five months ago, the GLC made one of the world’s largest collective commitments to significantly reduce the cost of renewable energy technologies. We will mobilize 100 GWh of accelerated BESS by 2030, and today we are several steps away from “first mover” identification. “countries that will lead this work. This is the kind of collaboration we need to see more of,” said Co-chair of the GLC, Dr. Rajiv J.Shahpresident of the Rockefeller Foundation.

“600 million Africans do not have access to electricity. To close this gap, we need bolder approaches that work at scale and can reach hundreds of millions of people, like the Desert to Power,” said Dr. Akinwumi A. AdesinaPresident of the African Development Bank Group. “In Africa, the cost of capital for large-scale clean energy projects is at least two to three times higher than in advanced economies. Today we discussed how the GLC can help overcome the political, technical and financial obstacles that lead to these projects. asymmetries and accelerate universal access to energy.

About GEAPP: The Global Energy Alliance for People and Planet (GEAPP) is an alliance of philanthropic, government, technology, policy and financial partners. Our shared mission is to enable emerging and developed economies to transition to a pro-growth, clean energy model that accelerates universal energy access and inclusive economic growth while helping the global community achieve the Goals critical climate over the next decade. As an Alliance, we aim to reduce future carbon emissions by 4 gigatons, expand access to clean energy to a billion people and create 150 million new jobs. With its philanthropic partners, the IKEA Foundation, the Rockefeller Foundation and the Bezos Earth Fund, GEAPP strives to create a favorable environment, capacity and market conditions for private sector solutions, catalyze new business models through innovation and entrepreneurship, and to deploy high-risk capital to encourage private sector solutions and assist in just transition solutions. For more information, please visit www.energyalliance.org and follow us on Twitter at @EnergieAlliance.

About the GLC:
The GLC is a high-level coalition of global leaders brought together by GEAPP and co-chaired by Jonas Gahr Støre, Prime Minister of the Kingdom of Norwayand Dr. Rajiv J.Shah, president of the Rockefeller Foundation. It includes heads of multilateral development banks, development finance institutions, international agencies, NGOs, business leaders and government officials. The Global Leadership Council was established in 2022 to lead collective action on a more ambitious and inclusive global renewable energy agenda and to ensure that aligned philanthropic capital and co-investments from the Global Energy Alliance for People and Planet (GEAPP) be deployed as quickly as possible. possible with optimal impact. For more information about the GLC and its members, please visit here.

SOURCE The Rockefeller Foundation

You may also like

Leave a Comment

The news website dedicated to showcasing Africa news is a valuable platform that offers a diverse and comprehensive look into the continent’s latest developments. Covering everything from politics and economics to culture and wildlife conservation

u00a92022 All Right Reserved. Designed and Developed by PenciDesign