Historic Alliance At COP26 Accelerates Investments In Green Energy

Global Energy Alliance for People and Planet (GEAPP) was made during COP26 to accelerate investments in green energy, renewable power solutions and aid in the transition for both developing and emerging economies around the world.

Over the next decade, the alliance aims to unlock £74.8 billion (100 billion USD) in private and public wealth alongside tackling three profound human issues:

Power: Power demand has increased drastically due to population growth. The alliance wants to provide renewable and reliable energy to one billion people.

Climate: 4 billion tons of greenhouse gases and carbon emissions will be avoided and averted.

Green Jobs: Creating, improving and enabling 150 million green jobs that generate inclusive economic growth.

The Alliance also opened a “Global Call for Transformational Country Partnerships” at COP26. It offers financial and technical assistance to developing and emerging economies in energy transitioning, grid-based renewables and funding advanced ecosystems of clean energy projects.

Republic of Indonesia’s President Joko Widodo said that Indonesia is proud to endorse the GEAPP. He also stated that this alliance is an excellent initiative to bring together critical stakeholders to align and co-create a sustainable path for nations and future generations.

Countries with poor energy infrastructure are currently responsible for 25% of global CO₂ emissions. These emissions are predicted to grow to 75% by 2050. However, these countries only receive 13% of clean energy financing despite harbouring nearly half of the world’s population.

Developing countries are heavily reliant on fossil fuels. 243 GW of coal plants are being planned, permitted or under construction. If constructed, these will collectively emit 38 billion tons of CO₂ in the coming decades, equal to the total global emissions of 2020. There is a need to change this trajectory. To maximise jobs and livelihoods, the alliance announced it would provide more than £74.8 billion to focus on fossil fuel transitioning, distribution of renewables and grid-based renewable systems.

The alliance has partnered with various philanthropic organisations (The Rockefeller Foundation, IKEA Foundation, and Bezos Earth Fund) and investment partners (African Development Bank Group, Asian Development Bank, European Investment Bank, Inter-American Development Bank, UK’s CDC Group, US International Development Finance Corporation, and World Bank). Its country partners include co-hosts of COP26: Italy, the UK, and Denmark.

CHANGING ENERGY FOR THE BETTER

The last decade has seen significant technological breakthroughs that made renewables economically feasible for new power in more than two-thirds of the planet. This is the first time in history that technology like this exists to provide a safe, sustainable way to deliver energy for people who lack electricity. Access to electricity will boost human development by creating jobs, promoting gender equity and cutting emissions to avert the climate crisis. The alliance aims to work closely with emerging and developing countries that are ready to ride the energy transition wave, reduce carbon emissions and increase revenues.

Through the Global Call for Transitional Country Partnerships, the alliance wants to meet growing energy demand with renewables instead of fossil fuels. It aims to empower people and communities that lack access to electricity or have unreliable supply.

The alliance will work with governments to design and execute decarbonisation plans, enhance domestic policies, and support planning and regulatory frameworks. It will also help create favourable investment conditions and ensure end-to-end delivery of national transformational programmes.

NATIONAL TRANSFORMATIONAL PROGRAMS IN AFRICA

Nigeria – Unleashing Decentralised Renewable Energy (DRE) Electrification

85 million people in Nigeria have no electricity. GEAPP aims to strengthen Nigeria’s DRE sector, fund project development and mobilise public and private capital from alliance partners. It will enable deployment of distributed renewables through distribution utilities and accelerate 5,000 renewable mini-grids. These efforts will improve power quality for productive use and reduce diesel consumption. The alliance aims to reach 11.9 million people and avoid 31.7 million tons of CO₂ emissions annually.

Ethiopia – Unlocking the Agriculture Energy Nexus

Ethiopia has the world’s third-highest unelectrified population and only 10% agricultural irrigation due to lack of reliable power. The alliance aims to develop and implement a transformational distributed renewable energy programme through microgrids to deliver energy to the agricultural sector. The intended impact is to increase farmers’ income by 80% and provide energy access to 4.2 million people.

We think the alliance is an important step toward collaborative action on climate and energy challenges. By bringing together leading technology providers and finance partners, GEAPP represents a major initiative to extend clean, reliable and sustainable energy to those without access while reducing carbon pollution. EGB sees it as a win-win solution that creates jobs, improves health outcomes and delivers essential development and climate benefits.

ABOUT EGB ENGINEERING

EGB Engineering is an international engineering consultancy firm with expertise in power and propulsion systems. We provide sustainable and renewable engineering products and services to clients and operate in the aerospace, energy and nuclear industries.