? «Power systems in many, many developing countries are not equipped today to take on that much renewable energy capacity,” CIF chief Mafalda Duarte at the COP26 climate summit.
✅ The Powering Past Coal Alliance – an international campaign aimed at phasing out the fuel – said it had secured 28 new members, including Ukraine, which pledged to quit the fuel by 2035. Coal produced roughly a third of Ukraine’s power last year.
➡️The new ‘Global Coal to Clean Power Transition Statement’ has been signed at COP26 by 77 countries and organisations, including 46 countries, committed to phasing out of coal, ending investment in coal, and scaling up investment in renewables.
✔️Further progress includes:
• over $20 billion to support the global coal to clean power transition has now been announced at COP26 covering
• $10 billion of philanthropy-led financing to support developing countries deploy clean power under the Global Energy Alliance People & Plant (announced on day 2);
• $8.5 billion for the South Africa Just Energy Transition Partnership;
• $2 billion under the CIFs Accelerating Coal Transition facility.
✅ Ukraine, Fiji, Colombia, Kenya and Mali were announced as selected for support through the Renewable Energy Integration (REI) programme that will help developing countries transform their power grids to carry growing levels of renewable energy.
– The Climate Investment Funds (CIF), created by the world’s biggest economies in 2008 to help developing countries accelerate their shift to a low-carbon economy, said its new initiative would help those countries bridge a huge gap in investments needed to integrate renewable energy sources.
– Experts estimate that global infrastructure investments will have to ramp up to $820 billion annually by 2030 to facilitate the decarbonization of power systems and help refit or replace existing infrastructure so it can integrate alternative energy.
