COP29 may now be behind us, but the momentum continues as we gear up to accelerate renewable energy ambitions for 2025. Our time in Baku highlighted a clear priority: aligning the x3 RES goal with finance by creating funding models that effectively mobilise capital and support the scale-up of clean energy solutions.
In this newsletter, dive into our reflections on COP29 and some of our project highlights from 2024.
The African Climate Foundation (ACF) and Konexa have launched Nigeria’s first private renewable electricity trading platform, a groundbreaking step towards clean energy.
Konexa will source renewable power from independent power producers and sell directly to private clients. Its first client, Nigeria Breweries PLC, is transitioning two facilities to 100% renewable energy, cutting 8,000+ tons of CO2 annually.
With ACF’s strategic support, they plan to unlock new investment opportunities and to scale this financing model – showcasing how early-stage funding and philanthropic support can catalyse large-scale private-sector investment. Read more about this project here.
Pakistan is witnessing an unprecedented surge in solar energy adoption, transforming its power sector and reshaping its energy landscape.
Over the past four years, the country imported $4.5 billion worth of solar panels, including 17 GW from China in 2023-2024 alone. Grid electricity demand fell by 10% in 2023 and is expected to decline further, with BNEF estimating that the country will install 10-15GW of solar this year alone, mainly on homes and factories. These trends underpin the growing impact of decentralised solar adoption!
The most striking development is the rise of off-grid solar, particularly in agriculture, where adoption is two to three times higher than net-metered systems. This shift away from diesel dependency signals a move toward energy self-sufficiency and resilience, fundamentally altering how Pakistan produces and consumes electricity.
With electricity tariffs soaring by 155% in just three years, solar power offers households and businesses a lifeline to reduce costs. For industries, particularly exporters, it provides a competitive edge and aligns with global sustainability standards.
Our partner Tara Climate Foundationhelped to lay the groundwork for this surge by supporting diverse partners to raise awareness about the opportunities of solar and contribute to discussions shaping policies that enabled the widespread and affordable access to panels – work which started several years prior to this solar boom taking off.
The rapid adoption of solar energy in Pakistan isn’t just an environmental milestone – it’s a reimagination of the nation’s energy economy. Read more about it in Tara Partner Renewables First’s report here.
Rebecca Collyer, Executive Director of ReNew2030, chaired the energy segment of the High-Level Climate Champions and Marrakech Partnership.
The session highlighted pioneering efforts by Mauritania, Colombia, and the UAE to integrate renewable energy with sustainable cooling solutions. It presented original data on grid modernisation, storage deployment, and climate-aligned investments, all contributing to transformative NDC implementation!
At the Regional Climate Foundations Pavilion, we hosted an event highlighting transformative global initiatives with the potential to reshape the renewable landscape.
Our partners Saliem Fakir (African Climate Foundation), Prof Zou Ji (Energy Foundation China), and Luisa Sierra (Iniciativa Climática de México) shared scalable initiatives emphasising community engagement, infrastructure deployment, and financial mobilisation.
ReNew2030 participated in an interview with We Don’t Have Time, where Deborah Ramalope and Hajar Khamlichi (PIE) highlighted key barriers to renewable energy adoption and the levers we’re deploying to overcome them.
They also discussed the TeraMed initiative ,which calls on governments to action around key priority areas, highlighting the opportunities of an accelerated and equitable energy transition in the Mediterranean for broader sustainable development and socio-economic benefits across the region and neighbouring areas.
“Cost is no longer the biggest barrier – the approach that ReNew2030 is taking is straightforward: we have identified key barriers, such as insufficient government ambition, insufficient funding and misinformation, and we deploy levers to address these barriers” – Deborah Ramalope, ReNew2030
“We brought together a multi stakeholder platform and developed the TeraMed initiative: a call for action to 1TW renewable energy capacity toward 2030 in the Mediterranean region” – Hajar Khamlichi, PIE
ReNew2030 has backed the TeraMed call for action, along with ministers from Italy, Spain, and Egypt, who joined us at COP to support this bold vision for a sustainable future!
The TeraMed region is an example of how an area with naturally abundant renewable resources can drive a new dynamic to power sustainable development and innovative climate solutions. Watch the whole interview here.
On Energy Day, Rebecca Collyer joined Manoush Zomorodi on TED Radio Hour to discuss how solar energy is driving the energy revolution and what challenges remain.
Highlighting initiatives, such as the Noor Ouarzazate Concentrated Solar Plant in Morocco, she explored how scaling solar, both utility and distributed, can unlock transformative climate solutions. Listen to the full episode here.
COP29 delivered mixed outcomes, with significant obstacles remaining.
Finance took centre stage at this year’s COP, as developing countries expressed concerns over insufficient funding and vague delivery mechanisms. The absence of inflation-adjusted commitments and limited public finance to de-risk investments further underscored these gaps. Most notably, the goal of tripling RE capacity by 2030 faces a substantial financial gap. The $300 billion pledged falls far short of what’s needed. To move forward, innovative strategies are essential for attracting private capital and reducing investment costs in emerging and developing markets.
While COP facilitates global dialogue and consensus-building, real progress hinges on aligning climate goals with socio-economic development, particularly in developing nations. Initiatives like ReNew2030 illustrate how localised solutions can mobilise financial systems and drive tangible progress.
Looking ahead, accelerating the energy transition requires stronger governmental commitments in critical areas such as grid modernisation, expansion of storage solutions, and improved integration of renewables into energy systems. Establishing detailed and actionable strategies is crucial to closing the gap between ambition and implementation. This aligns with ReNew2030’s mission, which deploys strategic levers to raise ambition and mobilise financial systems for scaling renewable energy solutions.
