UN Urged to Discuss Bank Financing of Renewable Energy Projects

As the 2024 UN Climate Change Conference (COP29) takes place this week, the United Nations is being urged to make renewable energy project funding part of the discussion. There have been increased calls for the UN to prioritize discussing bank lending for the burgeoning green energy industry and some even insist that banks could help speed up the transition to renewables.

COP29 will run from November 11th to 22nd, in Baku, Azerbaijan, and feature discussions related to the 17 Sustainable Development Goals. Clean and affordable energy is the 7th of these 17 critical goals, making it one of the ongoing green energy conference’s top commitments. The UN also notes that plans to have clean and affordable energy by 2030 are underway.

According to the UN, universal access to renewable affordable energy by the end of the decade will depend on investment in renewables such as wind, geothermal, and solar. Furthermore, the UN said that expanding existing infrastructure and leveraging next-generation technology can ensure developing countries also have access to affordable renewable energy, providing additional opportunities for economic growth and lowering environmental emissions.

Estimates from the Energy Transitions Commission show that the world will have to invest $3.5 trillion per year from 2021 to 2050 to reach zero carbon emissions by mid-century, while Deloitte estimates the world will need two times that investment at $5 trillion to $7 trillion annually. Either way, the world will require a significant amount of money to fund the green transition.

These investments will fund the construction of new green energy generation plants as well as the upgrade and deployment of electricity transmission infrastructure. Emerging nations without the same financial might of Western countries are at risk of being left behind without significant support. Furthermore, the developed world will also have to rely on some degree of debt financing from banks to fund the transition to clean energy.

The Institute for Energy Economics and Financial Analysis (IEEFA) is calling on international leaders to design regulations and policies that encourage the banking industry to invest in green energy projects and help the world achieve its renewable energy targets. With 2030 renewable energy targets fast approaching, IEEFA Director of South Asia Vibhuti Garg says cooperation between developing and developed nations coupled with ‘conducive local policies’ could help the world achieve its end-of-the-decade green energy goals.

Garg notes that COP29 negotiators should come up with a climate finance consensus that draws investment from developed nations to fill the renewable energy funding gap between developing and developed nations. Banks can help bridge the International Energy Agency’s yearly green energy investment gap of $400 billion, the IEEFA says.

The rate which clean energy infrastructure consumes minerals like copper and silver in the production of power transmission systems and solar panels, for example, demands that financing for the energy transition be expedited. Mining companies like First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) that are developing properties that contain these minerals could reap big as the energy transition progresses around the world.

NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF

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