ESMAP Newsletter | November 2024
HIGHLIGHTS
ESMAP at #COP29
A livable planet with clean energy, more resilient communities, and stronger economies is possible. #ESMAP is committed to making it a reality—and ensuring that climate change doesn’t delay much-needed development and worsen quality of life. A series of events took place between November 13-15, 2024, where our Vice President, Guangzhe Chen and our Global Director, Demetrios Papathanasiou highlighted #ESMAP’s work on policy dialogue, the potential of low-emissions hydrogen, 2024 being the pivotal year for Clean Cooking, decarbonization, the Road to 1.5C, and enabling clean hydrogen in emerging markets to financing the energy transition in developing countries.
#COP29 in Baku: Consensus on the 10GW Lighthouse Initiative
The effort to drive climate action took a bold step forward when on November 14, 2024, during #COP29’s Finance, Investment and Trade Day, 12 Development Finance Institutions (DFIs pledge their support for the 10 GW Lighthouse Initiative. The pledge is a collective commitment to bring renewable hydrogen projects of 100 MW to 1 GW to Final Investment Decision (FID) by 2030 in Emerging Markets and Developing Countries.
BOARD APPROVALS
Uzbekistan Receives $7.5 Million in Carbon Credits for Enabling Half a Million Tons of Emissions Reduction
Uzbekistan has become the first country in the world receiving a payment from the World Bank for reducing carbon emissions through a policy crediting program. This pioneering project – the Innovative Carbon Resource Application for Energy Transition (iCRAFT) – was crafted to support Uzbekistan in implementing energy efficiency measures, phasing out energy subsidies, and transitioning to cleaner energy sources. The preparation of iCRAFT was supported by an ESMAP grant which included analytical work on energy sector tariffs and subsidies, distributional impact analyses, and communications.
World Bank Supports Policy Reform of Ghana’s Energy Sector and Access to Clean Cooking
Electricity distribution losses are high in Ghana due to a low collection rate and below-cost recovery tariffs, undermining the operational and financial performance of energy utilities in the country. The PforR will support Ghana’s Energy Sector Recovery Program (ESRP) to improve the financial viability of electricity distribution and increase access to clean cooking solutions. An energy subsidy and tariff review study funded by an ESMAP grant informed the design of the ESRP.
PUBLICATIONS
Offshore Wind Roadmap for Türkiye
The roadmap analyzes the opportunities and challenges of delivering viable offshore wind projects based on local insight and global experience. It provides a comprehensive set of recommendations to help realize the government’s target of 5 GW of installed capacity for offshore wind power by 2035 and build a new industry that can meet Türkiye’s future energy demands and sustainability goals.
The Strategic Value of Community Benefits in Offshore Wind Development
The report explores how community benefits created by offshore wind projects can foster social acceptance, drive positive socio-economic impact, and ultimately help deliver successful commercial projects.
PAST EVENTS
UPCOMING EVENTS
