Abstract
Abstract International cooperation in support of a global energy transition is on the rise, and official development assistance (ODA) in the energy sector is increasingly being directed to renewable energy sources. Nevertheless, it is widely acknowledged that investment towards achieving the SDG 7 on clean and affordable energy is insufficient. Moreover, investment in clean energy remains heavily concentrated in a small number of frontrunner countries and overwhelmingly targets grid-connected electricity generation. Worryingly, significant share of international public sector financeing, most notably by export-credit agencies, is still allocated to coal and other fossil-based technologies. Against this background, this paper makes three recommendations for strengthening international cooperation in support of a global energy transition. (1) Promote investment in clean energy and end support for coal-based energy infrastructure. OECD and G20 countries should lead the way by discontinuing all public investment support for new coal-based energy infrastructure and establish guidelines for support to other fossil-based investments. (2) Promote evidence-policy dialogue on the socio-economic dimension of the global energy transition. International cooperation should play an active role in mobilising socio-economic benefits and address potential risks by supporting evidencebased policy dialogue based on robust assessments at both the country and global levels. (3) Provide early market support to promote challenge-based energy innovation. SE4ALL or Mission Innovation should create multi-stakeholder, challenge-based initiatives to promote clean energy innovation in developing and emerging economies and foster early market demand for related products or services.
Highlights
1.1 The transition to clean energy is acceleratingThe global transition to clean energy has accelerated markedly over the past decade
Data provided by the OECD on official development assistance (ODA) reveals that support to renewable energy projects grew substantially over the past decade
While the spread of existing clean energy technologies to new markets is crucial to advancing the global energy transition, it risks squandering important potential for low-carbon innovation in developing countries
Summary
Renewable energy capacities have more than doubled over the past ten years and represented 70 percent of net capacity additions in the power sector in 2017 (REN21, 2018). In 2017, investment in renewable power generation stood at USD 298 billion, representing two thirds of investments in power generation (OECD/IEA, 2018). This acceleration of deployment has come hand in hand with rapid reductions in the cost of renewable energy technologies. Doubling the share of renewables in the global energy mix could save up to 4 million lives annually by reducing outdoor air pollution (IRENA, 2018b, 2016a)
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