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We asked experts how we can overcome structural barriers to renewable energy investments

We asked experts how we can overcome structural barriers to renewable energy investments

At Renew2030 we collaborate globally with a diverse range of partners, from grassroots movements to policy think tanks, philanthropies, and climate NGOs. We’ve asked them how they tackle key barriers to renewable energy investments, especially in low- and middle-income countries.

Investments in renewable capacity reached a record high of USD 570 billion in 2023. While this increase massively concerns China, EU, and the United States, Brazil and India accounted for just over 6% of investments, and in Africa, investments fell by 47% compared to 2022. This disparity highlights the need for an inclusive transition to net zero – one that ensures low- and middle-income countries aren’t left behind. These regions face a significant financing gap, with an estimated shortfall of $1.2 trillion annually required to meet their climate goals.

From our interviews with experts and partners working in policy research, investment deployment, and community engagement, three key blockers – and strategies to address them – have emerged across regions and areas of focus.

Shift financial flows

The first barrier that needs to be overcome in many markets is the legacy of subsidies, regulatory frameworks, risk models, and fossil fuel financing. Fossil fuel deployment remains the default in many cases, often requiring a policy pivot from those in power to shift the existing capital into clean energy projects.

Our partners have been actively collaborating with national governments to enable this transition, redirecting fossil-fuel investments to green energy initiatives. For example, Renewables First, is working with ReNew2030’s partner, the Sunrise Project, to help investors pivot from coal to renewables. Renewables First has been working to shift policies to facilitate the flow of capital into renewable energy projects. Efforts on the ground are beginning to yield results: Pakistan has seen a surge in solar capacity, with 15 GW of solar panel imported over the past year, driven by a steep increase in electricity tariffs over the last three years. This rapid shift, mostly toward off-grid solar solutions, underscores the urgent need for grid modernization and policy reforms to support decentralized solar generation, while ensuring the financial sustainability of electricity utilities

Creating regulatory and policy frameworks to attract additional funding

Redirecting fossil fuel investments is just the beginning. To close the $1.2 trillion financing gap for low- and middle-income countries, partners have highlighted the need to attract additional capital, both foreign and domestic.

A core blocker outlined by the experts we spoke to lies in the perceived risk embedded within any regulatory framework that is perceived by markets to be hindering rather than facilitating renewable projects development.
For campaigners and philanthropists, this challenge presents a significant opportunity. Adjustments in regulatory barriers – such as those related to planning or capital requirements – can have outsized impacts on attracting private sector investment.

For example, we’ve supported initiatives like Bangladesh’s Centre for Policy Dialogue, through our partner the Sunrise Project. They collaborate with academics, policymakers, and investors to identify and highlight the domestic investment blockers and operational bottlenecks that prevent large-scale overseas investment in renewable energy-led power generation. These blockers are brought to the attention of national officials and investors at the occasion of Energy Forums bringing all stakeholders together to promote the creation of a new framework that expedites renewable energy investment.

Similarly in Sri Lanka, our partner V20 is engaging strategically with Finance Ministries to develop investment plans to attract foreign investments into renewable energy projects. The Sri Lanka Offshore Wind Roadmap exemplifies what can be achieved with strong regional cooperation that promotes offshore wind development.

Investing in tomorrow’s solutions: enabling funding system-change

Lastly, the experts we spoke to have flagged the need to test models that can attract private capital in large-scale renewable energy projects.

True transformation in the energy transition isn’t just about addressing existing barriers but also about investing in breakthrough solutions before they hit the mainstream. While other stakeholders may not always be able to make these long-term investments due to shorter investment or political cycles, we’ve been collaborating with local players to enable innovative renewable energy funding models that deliver financial, social, and environmental benefits.

When these models are successful, they attract additional private and public capital. A standout example is the RIPLE (the Renewables Investment Platform for Limitless Energy), a $500 million initiative in Nigeria created by the Nigeria Sovereign Investment Authority (NSIA) with support from the African Climate Foundation. This initiative is a system change, unlocking private capital to create a renewable energy system that will benefit Nigerians, and that can be replicated in other regions..

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Insights from New York Climate Week

Insights from New York Climate Week

The second edition of the ReNew2030 Newsletter!

Read the new edition of our newsletter, with fresh insights from New York Climate Week!

You can read more about:
🌟 The push for a fair transition in Europe by giving communities the power to control their energy
⏰ Our highlights from New York Climate Week
📰 The latest publication from the RIPLE project
📍 Our plans for COP
📊 Our new website

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Rural “Power Bank” as a Breakthrough to Store Renewable Energy

Rural “Power Bank” as a Breakthrough to Store Renewable Energy

By the end of 2023, China’s household distributed photovoltaic (DPV) capacity surpassed 100 GW, accounting for 25% of the nation’s photovoltaic generation. However, further growth faces challenges due to limited household consumption and grid bottlenecks. 

Our partner, Energy Foundation China supported an innovative solution launched by Shandong Jianzhu University to expand DPV capacity in China: The project focuses on “rural power banks,” which are decentralised energy storage systems integrated into the power distribution network. In pilot projects in Shandong’s Hanjiayu and Yicheng villages, 120-kilowatt modular distributed energy storage systems were installed,  increasing the local grid’s capacity by 30% and generating an additional $7,000 in annual electricity revenue for the local community.

Looking ahead, large-scale deployment of decentralised energy storage could accelerate sustainable DPV development, enhancing efficient energy use and delivering financial benefits to rural communities across China.

Young Mexicans are shaping the future of public policy on the energy transition

Young Mexicans are shaping the future of public policy on the energy transition

An initiative led by Iniciativa Climatica de Mexico

For the Hackatón X Nuestro Futuro over 40 young people from across the country gathered in Mexico City and teamed up in 8 groups to devise public policy proposals focusing on the energy transition to renewables in Mexico. Post-Hackatón activities are currently taking place to maintain the momentum with youths, including mentoring and training, the creation of sub-national youth groups, public advocacy, and communication campaigns in favour of renewable energies.

An impactful initiative supported by Iniciativa Climática de México. Philanthropies are backing youth mobilisation and we will continue to drive youth engagement to ensure they remain at the forefront of this crucial transition.

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The path to a just energy transition

The path to a just energy transition

The first edition of the ReNew2030 Newsletter!

The first edition of our newsletter is here packed with the latest from our community of dedicated individuals, forward-thinking organisations, and passionate changemakers!

You can read more about:

🌱 How our partners are transforming the development of renewables in Africa.

🌟 Young Mexicans shaping the future of public policy on the energy transition.

🤝 The importance of public-private-philanthropic partnerships in developing offshore wind.

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Empowering Rural Communities in Mexico

Empowering Rural Communities in Mexico

In collaboration with states in Mexico, ReNew2030’s partner, Iniciativa Climática de México is empowering rural communities to own and manage renewable energy projects. This initiative aims to transform communities currently reliant on fossil fuels and not connected to the grid by providing sustainable energy solutions. ReNew2030 is working with the government to facilitate the development of these projects, which will enhance electrification in at least 30 rural fishing and productive communities, establish 10 energy-independent communities, and equip at least 200 young adults with technical skills, such as installing and maintaining renewable energy systems. These capabilities are crucial for addressing existing expertise gaps in the renewable energy sector and ensuring the sustainability of these projects. In addition, the successful implementation of a project can attract government interest for replication and unlock public and private financing to accelerate and scale the transition.

In a Nutshell

  • So far, 4 Solar Ejidos have been implemented, all in the state of Sonora. However, due to technical regulatory challenges, only one is currently operational. Despite this, the implementation of 40 Ejidos Solares is planned by 2026 in Sonora alone. 
  • Depending on the community size, these Solar Ejidos will expected to benefit between 200 and 1,000 inhabitants.
  • Each plant, based on its capacity, can mitigate between 300 tCO2e and 400 tCO2e annually.
  • Mexico has approximatively 32,000 communities defined as ejidos, highlighting significant potential for the expansion of projects such as Ejido Solar.
  • The initial investment required for each Ejido Solar ranges between 600,000 USD and 850,000 USD.

Transforming the development of renewable energy in Africa

Transforming the development of renewable energy in Africa

9 February 2024

ReNew2030 celebrates a first in unlocking renewables investment!

🔆 With leadership from The African Climate Foundation, the Nigeria 🇳🇬 Sovereign Investment Authority (NSIA) has spearheaded the creation of the Renewables Investment Platform for Limitless Energy (RIPLE) – a $500 million initiative. The platform’s primary objective is to expand energy access, enhance energy efficiency, and strengthen energy security, perfectly aligning with ReNew2030’s mission.

This initiative marks an important step forward in realizing Nigeria’s sustainable development objectives. By tackling one of the key barriers highlighted in the ReNew2030 agenda – inadequate investment in renewables and critical infrastructure. This project sets a foundation for harnessing socio-economic benefits associated with scaling up of renewables. If successfully implemented, it promises to not only alleviate energy poverty, but will also stimulate economic activity and foster growth, which will boost industrial activity.

RIPLE can:
➡ help the country mitigate the risks linked to high emissions pathways;
➡ develop and co-host, and operate RE projects;
displace captive fossil power generation – e.g. diesel generation;
➡ enable distribution franchise projects;
➡ invest in solar PV assembly and manufacturing.

The Nigerian Sovereign Investment Authority (NSIA), the International Finance Corporation (IFC) and the African Climate Foundation (ACF) for the launch of RIPLE, November 2023. Courtesy of African Climate Foundation.

The Renew2030 team at COP28 pushing for the tripling pledge !

The Renew2030 team at COP28 pushing for the tripling pledge !

The agreement reached at COP28, calling on countries to transition away from fossil fuels in energy systems in a just, orderly and equitable manner, is a historic marker, signalling the end of the era of fossil fuels and the beginning of the age of renewables.

Renewables and their unstoppable power to bring prosperity and a clean future bookended the COP28 proceedings.

The groundbreaking pledge made by 130 countries at the opening of the COP to treble renewable energy production by 2030 was further consolidated in a global goal in the Global Stocktake in the closing hours of the international conference of leaders.

ReNew2030 is proud to have contributed to this pivotal moment by supporting partners around the world to address the barriers and levers that affect the rapid and equitable scaling up of wind and solar power.

At COP28 we saw civil society organisations from around the world holding firm on the need for an equitable, well financed, fair transition. We saw the renewables industry come together in force calling for 3x renewable energy by 2030 – exemplified by the leadership of the Global Renewables Alliance team. And we saw philanthropy and the regional climate foundations coming together with the ReNew2030 international partners with a clear message in support of the renewables goal.

ReNew2030 will continue to work with partners on the ground through the regional climate foundations and international partners to turn this historic goal into real projects that meet the needs of communities around the world.

ReNew2030 team interviewed live on We Don’t Have Time

Rebecca Collyer and Luisa Sierra Brozon of ReNew2030 and ReNew’s Mexican partner ICM were interviewed by We Don’t Have Time, the climate change social network and review platform.

ReNew2030 will continue to work with partners on the ground through the regional climate foundations and international partners to turn this historic goal into real projects that meet the needs of communities around the world.

Drive Electric Campaign and ReNew2030 join forces to supercharge the transition to renewable energy and electric transportation

Drive Electric Campaign and ReNew2030 join forces to supercharge the transition to renewable energy and electric transportation

New partnership centers on the role of electrification and critical raw materials to scale a climate-secure and just energy transition in transport and energy

Drive Electric Campaign and ReNew2030 join forces to supercharge the transition to renewable energy and electric transportation

New partnership centers on the role of electrification and critical raw materials to scale a climate-secure and just energy transition in transport and energy

SAN FRANCISCO and THE HAGUE – November 27, 2023 – Today, the Drive Electric Campaign and ReNew2030 announced a partnership to support an accelerated just transition to clean energy and electric transportation. Their shared, people centered vision of an electrified future works to shape responsible and circular mineral supply chains and advance the economic co-benefits of job creation and green industrial development in the renewable and auto sectors. The partnership brings together hundreds of partners working in dozens of countries to advance renewable energy and all forms of zero-emission transport.

Drive Electric and ReNew2030 are both recipients of the TED Audacious Project, a collaborative funding initiative that catalyzes social impact on a grand scale and encourages the world’s greatest changemakers to dream bigger.

Rebecca Collyer, Executive Director of ReNew2030, said, “We have a limited window to act and a huge opportunity to grow renewable energy exponentially. Underpinning the growth in solar, wind and grids that we hope for will be the sustainable use of critical raw materials. A just energy transition is paramount for a livable future, and coordinating efforts with the Drive Electric Campaign will yield a deeper understanding of the barriers and solutions to an electrified future.”

The partnership supports an accelerated expansion of clean technologies to phase out polluting fossil fuels in two high-emitting industries. Electrifying the road transport sector including cars, trucks, buses, and two- & three-wheelers could eliminate over 160 gigatons of carbon pollution cumulatively through 2060 while saving lives and improving livelihoods. Renewable power such as wind, solar, and battery storage can help decarbonize the power sector rapidly by 2030 and will address the sector’s outsized emissions.

“Reaching our goals for a safe climate will require a massive buildout of both renewable energy and an accelerated transition to electric road transportation,” said Rebecca Fisher, Drive Electric Campaign Director. “Our partnership with ReNew2030 is inspired by the opportunity to transition our energy and road transport sectors by ensuring emerging economies have access to clean, zero-emission power and vehicles of all types – and can leapfrog over dirty combustion as economies and populations expand in the coming years.”

Our collaboration recognizes that the energy transition needs to center responsibility, accountability, and justice as we work towards a climate-safe future. To this end, the Drive Electric Campaign and ReNew2030 will work with the ClimateWorks Foundation’s Minerals for the Energy Transition initiative to help shape the growing mineral supply chain for clean energy technologies and support value addition and benefits to communities and mineral-rich countries.

Opportunities for collaboration include joint energy transition projects, and research publications with a particular focus on electrification and transition minerals. Coordinating efforts also maximize benefits to people and livelihoods:

  • Expanding the percentage of renewable energy on the grid further enhances the environmental benefits of electrifying transport.
  • Shaping and improving mineral supply chains and extraction for clean technologies can further secure the environmental and social benefits of the energy transition.
  • Increasing the number of electric vehicles on the grid and investing in vehicle-grid-integration (VGI) can enable higher levels of renewable generation and improve grid resiliency, reliability, and affordability.
  • Building out mini- or off-grid renewables coupled with electric vehicle fleets can bring power to previously underserved communities.

About the Drive Electric Campaign

The Drive Electric Campaign is an ambitious, philanthropy-powered global initiative to achieve a global tipping point leading to end the polluting tailpipe and accelerate the transition to 100% sales of zero-emission electric cars, trucks, buses, and 2 & 3 wheelers for the benefit of health, climate, and the economy.

About ReNew2030

ReNew2030 is a global coalition of experts, civil society, and philanthropic organizations working toward a first, fast, fair energy transition by mobilizing key actors across: government, business, and communities around the world. Our goal for 2030 is to increase global wind and solar capacity x5 in the countries responsible for over 80% of the power sector emissions to improve energy security, create new jobs and deliver health, climate and economic benefits.

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Two amazing groups the regional climate foundations have supported illustrating the work they are doing

Two amazing groups the regional climate foundations have supported illustrating the work they are doing

TED speech by Phil Bloomer of the Business and Human Rights Resource Centre on rare minerals (BHRRC).

Rebekah Shirely from the World Resources Institute talking about the clean energy hub of the future.

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