Ocean Conservancy, in partnership with the Ocean Risk and Resilience Action Alliance (ORRAA), has released a new report outlining how leaders can catalyse finance for low-and-middle-income countries to support the transition to renewable energy. The report, entitled “Catalyzing Offshore Wind in Developing Nations: The Role of Concessional Finance,” offers a comprehensive overview of the current climate finance landscape and renewable energy financing avenues, highlighting the transformative potential of concessional finance in accelerating the deployment of offshore wind projects in developing countries.
“Accelerating the transition to clean energy is crucial to addressing climate change and protecting the ocean,” said Shamini Selvaratnam, associate director of international climate and clean energy at Ocean Conservancy and co-author of the report. “Our ocean holds powerful solutions that can help limit greenhouse gas emissions. We know that offshore wind, built responsibly, has the power to provide more than one-third of the globe’s power needs, but we must make affordable, equitable financing available to emerging and developing markets. This approach not only makes offshore wind projects feasible but also empowers governments to commit to sustainable energy transitions.”
To read the full report, please click here.