Conventional power production accounts for 35 percent of greenhouse gas (GHG) emissions worldwide. Despite emissions that surpass those of any other sector, global energy production is only accessed by 80% of the world’s population, with the other 20% relying on wood, coal, charcoal or animal waste for cooking and heating. With the recent introduction of affordable and clean energy as a UN Sustainable Development Goal, there will be a push in coming years for widespread adoption of renewable energy technologies, as well as universal access to the energy potential that these technologies can provide. CIF has taken a leading role in advancement of renewable technologies, including geothermal and concentrated solar power (CSP), through its projects, events, and partnerships.
Renewable energy has the dual benefit of enhancing a nation’s energy security while simultaneously reducing GHG emissions. Additionally, renewable technologies offer the possibility of leapfrogging less efficient methods of energy production, as well as providing economic growth in the form of new jobs. Renewable energy technology also offers the potential for utilizing otherwise untapped resource pools, as is often the case with solar, wind, and geothermal power production.
CIF’s CTF and SREP programs are responsible for $4.8 billion in renewable energy investments, which translates to 140 public and private sector projects in 33 countries. These projects incorporate a variety of renewable technologies, including wind, geothermal, hydropower, bio-energy, and solar photovoltaic (PV), as well as CSP. However, CIF’s involvement in the promotion of renewable energy sources does not stop with financing. CIF has partnered with the Climate Policy Institute (CPI) for the purpose of creating global dialogues, analytical work, and communications materials related to renewable energy. Additionally, CIF has sponsored events promoting the scaling up of renewable energy technologies, including webinars related to geothermal and CSP, knowledge exchange events for countries hosting renewable projects, and workshops focused on financing and deployment of these technologies. Through providing both guidance and finance, CIF aims to equip its partners with the tools needed for the transition to a future powered by clean and renewable sources of energy.