Energetica India Magazine October-November 2021

24 energetica INDIA- Oct-Nov_2021 The new Global Energy Alliance for People and Planet (GEAPP) launched at COP26 to accelerate investment in green energy transitions and renewable power solutions in developing and emerging economies worldwide. Over the next decade, the Alliance aims to unlock USD 100 billion in public and private capital and tackle 3 profound human problems simultaneously: 1) Power – reaching 1 billion people with reliable, renewable energy; 2) Climate – avoiding and averting 4 billion tons of carbon emissions; and 3) Jobs – building an on-ramp to opportunity by creating, enabling, or improving 150 million jobs. It also opened a Global Call for Transformational Country Partnerships, inviting developing and emerging economies to apply for technical support and funding to advance ecosystems of clean energy projects. COP26: $100 Bn for People and Planet President Joko Widodo of the Republic of Indonesia, which is holding the G20 Presidency in 2022, commented, “Indonesia is proud to endorse the Global Energy Alliance for People and Planet. The initiative brings together the critical stakeholders that must align and co-create a sustainable path for our nations and for our grandchildren. It is our task to restore the triple hap- piness envisaged by the Balinese Tri Hita Karana three balances – people with people, people with nature, and people with spiritual harmony.” While energy-poor countries are currently responsible for 25% of global CO 2 emissions, their share of global emissions could grow to 75% by 2050, according to analysis published by the Alliance. Yet these countries currently only receive 13% of clean energy financing, despite representing nearly half of the world’s population. There are also 243 GW of coal plants being planned, permitted, or under construction in developing countries. If constructed, they would emit 38 billion tons of CO 2 over the coming decades, which is nearly the same as total global emissions in 2020. To change this trajectory and maximize its impact on jobs and livelihoods, the Alliance announced they are providing more than USD10 billion to focus on fossil fuel transitioning, grid-based renewables, and distributed renewables. Alliance partners include: • Anchor philanthropic organizations: The Rockefeller Foundation, IKEA Foundation, and Bezos Earth Fund; • Investment partners: African Development Bank Group, Asian Development Bank, European Investment Bank, Inter-American Development Bank, International Finance Corporation, UK’s CDC Group, US International Development Finance Corporation, and World Bank; • Country partners: Co-Hosts of the 2021 United Nations Climate Change Conference (COP26) Italy and the UK, and Denmark. “The world is undergoing an economic upheaval, in which the poorest are falling far- ther behind and being battered by climate change’s effects. Green energy transitions with renewable electrification are the only way to restart economic progress for all while at the same time stopping the climate crisis,” said Dr. Rajiv J. Shah, President of The Rockefeller Foundation . “Providing people with an on-ramp to the modern economy while making real, measurable progress against the existential threat of cli- mate change, the Global Energy Alliance for People and Planet is one of the boldest, most transformative initiatives in our history.” Over the last decade, significant breakthroughs in technology have made renewables the cheapest option for new power in more than two-thirds of the world. For the first time in history, the technology exists to reliably and affordably empower those who FINANCE