Stockholm (NordSIP) – A joint communiqué to support Denmark’s new global initiative for investment in green energy was issued by a number of international organisations, including the European Investment Bank, the International Energy Agency, IRENA, OECD, UNDP and the World Bank, in connection with the Clean Energy Investment Forum (CEIF) being held today (Tuesday, May 22) at Industriens Hus in Copenhagen.
The signatories are declaring their support for the Danish Clean Energy Ministerial (CEM) initiative, which is aimed at increasing investment in green energy and financing it at the global level. The initiative is being launched at CEIF, the annual meeting of energy ministers from the world’s leading economies.
(See the CEIF event programme here)
“Denmark is about to surpass its EU energy target and aims to meet at least 50% of its energy needs from renewable energy sources by 2030,” remarked Energy, Supply and Climate Minister Lars Christian Lilleholt. “In addition, we have experience, technology and networks in green energy that we will bring to the next phase of market development in Clean Energy Ministerial countries and in new energy markets.”
“We are already working closely with a number of emerging economies and sharing our experience and expertise to help their green transition approach. Now we have agreed with a number of important international players to strengthen cooperation to mobilise the necessary investments for the benefit of development and the climate,” Lilleholt added.
The signatories have emphasised the need to rapidly mobilise investments in clean energy in order to meet the UN SDGs and the agreed objectives of the Paris Agreement. They also emphasis the importance of public-private cooperation to help countries reach ambitious targets for investment in green energy.
“Declining costs for renewable energy and batter storage, along with increasing energy efficiency investments, provide huge potential for achieving green energy targets at lower costs than ever before. However, maintaining momentum will require strong policy frameworks and innovative financial structuring to mobilise investments in sustainable energy from the private sector,” said Riccardo Puliti, World Bank Senior Director of Energy and Extractives.
Attending the 9th Clean Energy Investment Forum are energy ministers and heads of delegation from G20 countries, including from some of the largest economies and CO2 emitters like China, Germany, France, Russia, Saudi Arabia, the UK and the U.S., managers of leading pension funds and directors of a number of international organisations. The CEIF is also a unique showcase for new Nordic technologies and business models. Simultaneously, the forum will facilitate networking between innovators and ministers from the largest energy technology markets in the world.
“We see sustainable energy supply infrastructure as an attractive investment opportunity in the coming years,” said PensionDanmark CEO Torben Möger Pedersen. “By investing in green energy, we can do a lot to reach the Paris agreement and avoid disasters related to climate change.”
According to the International Energy Agency, millions of dollars will need to be invested in green energy to turn the world away from fossil fuels at a sustainable rate. A large part of this investment must come from private investors, including pension funds and other institutional investors, supported by public funding through public-private partnerships and funding, which can help reduce the risk of investors investing in new technologies and markets in developing countries.
The following are the signatories to the Danish initiative:
European Investment Bank (EIB)
Global Green Growth Institute (GGGI)
Institutional Investors Group on Climate Change (IIGCC)
International Energy Agency (IEA)
International Renewable Energy Agency (IRENA)
Organisation for Economic Cooperation and Development (OECD)
Partnership for Green Growth and the Global Goals (P4G)
UN Principles of Responsible Investment (PRI)
The World Bank
World Climate Ltd.
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