Early February turned out to be a very busy time for the countries participating in the SREP – the Program for Scaling up Renewable Energy in Low Income Countries – one of the four programs of the Climate Investment Funds (CIF). First, representatives from over 20 SREP countries traveled to Phnom Penh, Cambodia, for the SREP Pilot Countries Meeting, and then to Nay Pyi Taw, Myanmar for a mini-grids learning event organized jointly by the CIF and the World Bank Energy Sector Management Assistance Program (ESMAP).
A greener future depends on the widespread adoption of low carbon technologies. Through the Sustainable Development Goals and Paris climate agreement, world leaders have outlined a transformative agenda which heralds a shift from a fossil-fuel based global economy to one that is low carbon and climate resilient. And funding this future means we need to think in terms of trillions not billions.
Will 2016 mark the first step to delivering on the ambition of 2015’s Paris agreement? One thing’s for certain - the private sector will be crucial in providing much of the financing needed to help developing countries meet the climate goals set in the French capital.
Photo Credit: Honduras Investment Plan/Solar PV potential
The Government of India has recently set a new, truly ambitious target for solar energy: 100,000 megawatts additional generation capacity in the next five years. To put the number in perspective, India’s current installed capacity of electricity generation from all sources of energy stands at 250,000 megawatts, of which solar accounts for just 2,700 megawatts.