Francesco La Camera, Director-General of the International Renewable Energy Agency(IRENA)

Good afternoon,

Distinguished delegates

Ladies and Gentlemen,

I wish to thank the Global Energy Interconnection Development and Cooperation Organization for the invitation to participate and in affording me the opportunity to make an intervention on behalf of IRENA.

The next decade will be pivotal in line with the goals of the Paris Agreement.

IRENA’s global renewable power generation costs identifies that the competitiveness of renewables continued to improve despite rising materials and equipment costs in 2022.

For newly commissioned onshore wind projects, the global cost of electricity descended by an impressive 5% between 2021 and 2022.

Similarly, solar PV projects underwent a 3% year-on-year reduction in the cost of electricity in 2022.

The driving force behind this global cascade of cost reduction was none other than China, a nation demonstrating its formidable commitment to shaping the global renewable energy narrative – for sustainable economic growth and for the environment.

To align the global energy transition with our climate objectives to ensure justice and fairness, we must focus on three key pillars:

Firstly, we need to build the necessary infrastructure and make substantial investments to support new production locations, trade patterns, and demand centers.

Cross-border power interconnections and greater regional integration will be key.

Secondly, we must advance a policy and regulatory framework that enables targeted investments and fosters socio-economic and environmental progress.

Finally, we must strategically realign our institutional capacities to match the skills and capabilities required for an energy system that integrates a high share of renewables.

By embracing these pillars of action and implementing the necessary measures, we can effectively combat the climate crisis and secure a sustainable future for generations to come.

IRENA is already closely collaborating with GEIDCO and the State Grid Corporation of China to enhance grids, bring greater system flexibility and sector-coupling in China.

We look forward to our continued cooperation.

Ladies and Gentlemen,

The direction of travel is there, but not the speed and scale of transformation. No one country can do this alone.

Moreover, it is crucial to recognize that renewable energy technologies are readily accessible, cost-effective, and offer faster deployment.

Renewable technologies will continue to propel China and the world towards energy security and economic prosperity whilst safeguarding the rights of future generations to a fair and sustainable environment.

I would like to emphasize that any alternative approach, aside from a just energy transition, will only perpetuate existing risks and intensify the long-established threats posed by the climate crisis and energy insecurity.

Thank you for your attention.