G20 countries to work towards facilitating access to low-cost finance for clean energy tech

G20 member countries will work towards facilitating access to low-cost finance for existing as well as new and emerging clean and sustainable energy technologies for supporting energy transitions, as per outcome document of meeting held in Goa on Saturday.

outcome document on Energy Transitions Ministers' meeting has stressed expediting voluntary transfer on mutually agreed terms or co-development and option of clean, sustainable and low carbon emission energy technologies, which are often capital-intensive and necessitate low-cost financing from various sources.

meeting, chaired by Union Power Minister R K Singh, noted report on “Low-cost Financing for Energy Transition” prepared under Indian Presidency and its estimation that world needs an annual investment of over USD 4 trillion, with a high share of renewable energy in primary energy mix. “We reiterate that access to low-cost financing, particularly for developing countries, is pivotal for accelerating efforts towards energy transitions while ensuring energy access, energy security, affordability and market stability,” document res. members resolved to ensure accelerated energy transitions.

document mentions that delegates recognize need for international finance institutions and multilateral development banks to enhance and develop new mechanisms and products to promote access to low-cost financing in line with ir mandates and governance framework as well as to scale up mobilization of private finance for this purpose. “We recognize importance of increasing finance from a variety of sources including public and private, bilateral and multilateral arrangements,” document said. It was resolved during meeting to share best practices, and risk mitigation strategies, and foster international cooperation for low-cost financing solutions. "In this context, we note 'Voluntary Action Plan for Lowering cost of Finance for Energy Transitions' prepared by Indian Presidency," document stated.