The meeting, chaired by Union Minister of Power RK Singh, took note of the report on ‘Low Cost Financing for Energy Transition’
Post Date – 23rd Sat 22 Jul 10:45pm
Panaji: G20 members will work to provide low-cost financing for existing as well as emerging clean and sustainable energy technologies to support the energy transition, according to the outcome document of the meeting in Goa on Saturday.
The Energy Transition Ministerial Outcome document emphasizes accelerating the voluntary transfer on mutually agreed terms or the joint development and adoption of clean, sustainable and low-carbon-emitting energy technologies, which are often capital-intensive and require low-cost financing from various sources.
The meeting was chaired by RK Singh, the Federal Minister of Electricity of India. The meeting noted the report “Low-Cost Financing for Energy Transition” prepared during India’s presidency, and estimated that the world needs more than US$4 trillion in annual investment, of which renewable energy accounts for a relatively high proportion of the primary energy structure.
“We reiterate that access to low-cost financing, especially for developing countries, is critical to accelerating the energy transition while ensuring energy access, energy security, affordability and market stability,” the document reads.
Members are determined to ensure that the energy transition is accelerated.
The document mentioned that delegates recognized the need for international financial institutions and multilateral development banks to strengthen and develop new mechanisms and products to facilitate access to low-cost financing in accordance with their mandates and governance frameworks, and to expand the mobilization of private financing for this purpose.
“We recognize the importance of increasing financing from various sources, including public and private, bilateral and multilateral arrangements,” the document said. The meeting decided to share best practices and risk mitigation strategies, and to promote international cooperation on low-cost financing solutions.
“In this regard, we take note of the ‘Voluntary Action Plan for Reducing the Cost of Financing Energy Transition’ formulated by the President of India,” the document states.
