This HLPF side-event holistically addressed current renewable energy developments and how to deliver sustainable solutions at scale in the coming years. The event was co-hosted by the Renewable Energy Policy Network for the 21st Century (REN21), the PM of Germany and the PM of the Netherlands.

The array of panellists spanned many sectors including the oil and gas industry, private banking sector, transportation sector and state-level renewable energy policy makers. Many topics were covered: the current renewable energy achievements, the global renewable energy imbalances both in investment and implementation, the transportation sector, the lagging heating and cooling sector and the potential for new renewable energy developments such as innovative geothermal technology.

An important question was posed on the back of optimistic funding opportunities by the Citigroup representative, Mr Eckhart. It challenged who the recipients of allocated renewable energy funding are, since small enterprises in developing countries struggle to attract financial support. With 93% of renewable energy investment being absorbed by only 30 states, diversifying funding channels is important in achieving global cooperation and simultaneous advancement. Furthermore, it was voiced that although banks offer financing options, the recipients rarely receive sustained financial support in the form of further funding or a sustainable ecosystem and marketplace for the enterprise to flourish. Thus, the lack of policy, infrastructure and economic and social frameworks to support such ventures often manifests as risk in the eyes of potential sponsors.

Thus, the barriers to rapid scaling of renewable technology in both developing and developed states are two-fold – the implementation of global best practices in developing countries and the sustained inclusion of the private sector funds to increase renewable technology deployment.

Date / Location: Thursday 12^th July 2018, Otto-Carl-Keip Auditorium, Permanent Mission of Germany to the United Nations, NY, USA

Speakers:
Moderator and Keynote Speaker:
Rana Adib (Executive Director, REN21)

Presenters:
German Ministry of Foreign Affairs Representative
Netherlands Ministry of Foreign Affairs Representative

Panellists:
Marit Brommer (Executive Director, International Geothermal Association_
Mike Eckhart (Managing Director, Citigroup
Eco Matser (Global Coordinator of Energy and Climate Program, Hivos)
Paul Mbhuti (Senior Assistant director for Renewable Energy, Kenyan Ministry of Energy)
Karl Peet (Sustainable Transport Research Director SLoCaT)
Frank van der Vleuten (Senior Advisor Renewable Energy, The Netherlands)

Author: WIT Representative, Farri Gaba