2015 Side Event More, Faster, Now 8 December, 2015

2015

Side EventMore, Faster, Now

8 December, 2015

Trends and Potentials in Renewable Energy

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» Renewables account for more than half of new global power capacity in 2014

» Investment in new renewable capacity outpaced investment in new fossil based power generation in 3 years

» 164 countries have national level targets

Source: Financial Times

Trends and Potentials in Renewable Energy

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» Rapid technological progress» Falling costs » Improved understanding of financial risk » Wider socioeconomic benefits

7.7 million jobs (2014), estimated 16 million (2030)

Investment rise in renewables from USD 45 billion (2004) to USD 270 billion (2013) Solar PV leading cost decline by 80%;

Keeping Global Warming to 2 C

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Supporting Renewable Energy for Climate Action in Africa

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50+ INDCs

Opportunities…Majority with RE plans, targets and policiesPotential to 4x RE share by 2030

… And challengesInstitutional capacityPolicy frameworksProject developmentMobilization of investments

Supporting Renewable Energy for Climate Action in Africa

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Strategic dialogue on RE and Climate Change in Africa

• Renewable Readiness Assessments

• African Clean Energy Corridor

• Africa Renewable Energy Roadmap (REMap) 2030

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