IRENA Hails Ethiopia’s Regional Renewable Energy Integration
Addis Ababa, April 21, 2024 (FBC) – The International Renewable Energy Agency (IRENA) Director General appreciated Ethiopia’s Regional Renewable Energy Integration.
The fourteenth session of the Assembly of the International Renewable Energy Agency (IRENA) held in Abu Dhabi, United Arab Emirates.
The Ethiopian delegation, led by Minister of Water and Energy Habtamu Etefa and Ethiopian Ambassador to the United Arab Emirates Omar Hussien, participated at the assembly.
The final day of the Assembly focused on the topics of bankable renewable energy projects, Africa’s energy transition, the important roles of geothermal energy and green hydrogen, as well as the policy and skills needed to accelerate the energy transition, according to ENA.
Members also continued to convene to push collaboration and cooperation forward towards the tripled renewables target by 2030.
During the closing session of IRENA, Minister of Water and Energy Habtamu said, “We have also now prepared private-public partnership models that will increase the confidence of the private sector on actions taken by Ethiopia to increase private sector investment to foster bankability to expand solar, wind, and geothermal projects.”
He highlighted Ethiopia’s energy strategy, which exemplifies the commitment of Ethiopian Prime Minister Abiy Ahmed to harnessing renewable energy sources. “We are close to achieving our target of 100 percent renewable energy by 2030 to propel our economy forward and achieve energy independence.”
The Ethiopian government is committed to regional integration by sharing its energy with neighboring countries like Kenya, Djibouti, and others. This strategy is not only used to ensure our economy but also to secure regional peace and security, he concluded.
IRENA director general Raul Alfaro Pelico, Director of Knowledge, Policy, and Finance Center (KPFC) at IRENA, closed the plenary session, reflecting on the need for a new paradigm on bankability and project impact to de-risk investment, increase public-private partnerships, and accelerate collaborative efforts to catalyze a global shift like what the Ethiopian government does.
Raul noted that the energy transition is also expected to increase energy sector employment, with renewable energy jobs potentially tripling from the current 13.7 million to 40 million by 2050.
Investments in other energy transition-related technologies could result in a substantial increase in job opportunities. Raul also made note of the possible misalignment of future job opportunities owing to developmental and geographical disparities.
He called for just transition policies like tax credits, subsidies, grants, and public research and development to ensure that the misalignments do not become barriers to the renewable energy transition.
In the session, the participants explore the African Renewable Power Alliance (APRA) and its strategy for boosting renewable energy in Africa through international collaboration.