Currently, around 80% of global energy and 66% of electricity supply are fossil fuel-based, and the global energy system contributes some 60% of the greenhouse gas (GHG) emissions responsible for climate change. A transition to cleaner forms of energy has already begun in many countries, but despite the recent fast rate of technological innovation and cost reduction, renewable energy and energy efficiency technologies must still compete with carbon intensive energy technologies. Renewable energy technologies would be deployed more rapidly if favorable energy policies were introduced and more financing was made available for renewable energy-based projects.
Many types of barriers hamper the widespread deployment of renewable energy. UNEP helps break down barriers to the deployment of renewable energy technologies by:
- Providing advice to developing country governments on policies that create aa more favorable environment for renewable energy
- Raising awareness on successful approaches to policy, finance and technology options, providing information, and dispelling myths about renewable energy,
- Building capacity to integrate renewable energy, and
- Working with banks to establish financing programmes for renewable energy technologies, and working with the international finance industry (including banks and insurance companies) to lower risks for larger projects.