The need to scale up the deployment of technologies such as green hydrogen, energy storage and offshore wind has become increasingly critical to the success of the global energy transition and to meeting global climate goals. To this end, access to low-cost capital for project financing in G20 Member Countries and beyond is vital. However, this remains challenging – particularly amid the current global tightening of monetary policies – given that a substantial portion of the necessary investment in energy transition technologies has yet to be sourced.
This report, prepared by the International Renewable Energy Agency (IRENA) in close collaboration with the Ministry of New and Renewable Energy (MNRE) of India, aims to facilitate the discussion of this vital aspect of the transition under India’s G20 Presidency. The report offers lessons from historical cost reduction trends for solar PV and onshore wind technologies, enabling innovative frameworks that can adopted to accelerate the deployment of new and critical low-carbon technologies, and projected investment requirements for the global energy transition.
Access the report here