“The debate about whether the energy transition is possible is behind us”

Francesco La Camera has led the International Renewable Energy Agency (IRENA) as Director-General since April 2019, bringing more than 30 years of experience in climate, sustainability and international cooperation to the agency. Under his leadership IRENA has forged a series a strategic partnerships in support of the energy transition. Previously, while holding key roles at the Italian Ministry of Environment, Land and Sea he spearheaded international cooperation on issues related to climate change and the environment. 

OPEC Fund Quarterly: What plans and goals does IRENA have for COP30? The Brazilian Presidency has put “energy” on top of its “Action Agenda”, again calling for a “tripling of renewables and doubling of energy efficiency.” How is IRENA helping to deliver these goals? 

Francesco La Camera: Following COP28 in 2023, IRENA was tasked as the custodian agency for tracking progress towards the UAE Consensus goals of tripling renewable power capacity and doubling energy efficiency improvements by 2030. We are planning to launch our flagship tracking report at the Pre-COP, a series of meetings in the run-up to COP30, to provide a transparent picture of where the world stands on these targets. 

Preliminary findings suggest renewable power capacity will expand at a record pace again this year, bringing the goals of the Paris Agreement closer than at any point since it was signed. The debate about whether the energy transition is possible is behind us. The tipping point has been passed, and we are now approaching the last mile. The challenge at COP30 is to ensure that this momentum translates into a human-centered transition that delivers equitable progress. 

Emerging markets and developing economies account for one-third of global GDP and comprise more than 150 countries – yet they receive less than 10 percent of energy transition investments. Unless this imbalance is corrected, progress will stall in the very regions where renewables could deliver the greatest benefits. In 2024, 91 percent of newly commissioned utility-scale renewable projects generated electricity at a lower cost than the cheapest fossil fuel alternative, making them the most affordable source of new power and the most economically rational path forward for emerging markets and developing economies (EMDEs). 

Beyond the climate imperative, the energy transition is delivering immense economic and social rewards. In 2024 alone, we estimate that renewable electricity generation helped avoid approximately US$467 billion in fossil fuel costs globally. For energy-importing regions, these savings strengthen economic stability and enhance energy independence, while the displacement of fossil fuels directly improve public health by cutting air pollution. 

Renewables have also demonstrated exceptional resilience, continuing to deliver reliably and shielding economies from the shocks of geopolitical turmoil. From 2018 to 2024, annual investments in renewables rose at an average of 14 percent per year, despite global crises ranging from the pandemic to inflation and trade disruptions. 

Brazil’s experience shows that the financing barriers facing EMDEs can be overcome. With clear policy signals, strong institutions and effective planning, the country has been able to attract large-scale private capital to its renewable energy sector. At the request of the Brazilian G20 Presidency, IRENA analyzed this development arc to distil lessons for other countries facing similar challenges. The joint G20–IRENA report confirmed that integrating investment strategies into energy plans from the outset helps reduce perceived risks, align policies with investor expectations and unlock private capital at scale. 

Building on this work, IRENA now serves as the Secretariat of the Global Coalition for Energy Planning (GCEP), launched under Brazil’s G20 Presidency. The coalition supports countries, particularly in the Global South, in preparing robust, credible and investment-ready energy plans, while strengthening institutions and governance. 

But planning alone is not enough. To help countries turn plans into projects, IRENA drives implementation through the Energy Transition Accelerator Financing (ETAF) platform. ETAF is a multi-stakeholder climate finance platform designed to mobilize up to US$5 billion by 2030 for renewable energy projects in developing countries. By connecting project developers with a coalition of public and private financiers, ETAF reduces risk, accelerates investment decisions and ensures that capital flows where it is needed most. 

Together, GCEP and ETAF provide two essential levers of change: preparing investment-ready plans and unlocking the financing to realize them. This integrated approach narrows the gap between ambition, planning and action, resulting in concrete, bankable projects that deliver tangible benefits for communities around the world. 

We are also collaborating with the International Civil Aviation Organization (ICAO) to support the development and financing of sustainable aviation fuel (SAF) projects. The newly launched “Finvest@IRENA” portal operates under ETAF and serves as a single-entry point for SAF project developers seeking investment, linking proposals with a global network of public and private financiers. This is particularly timely, especially ahead of COP30, where sustainable fuels are expected to feature prominently on the agenda. 

OFQ: The preparations for COP30 were overshadowed by concerns about infrastructure, logistics and capacity. What can the organizers do to secure the success of the conference? 

FLC: Every COP comes with its own set of challenges, and managing a conference of this scale is never a small task. But Brazil is a country of great capabilities and a strong record of leadership on energy and climate. I have full confidence in Brazil’s ability to deliver a successful COP30. 

OFQ: What does IRENA as an advocate for renewable energy see as the biggest obstacles to the tripling of renewables? 

FLC: Numerous developing countries must overcome the multifaceted “triple penalty,” characterized by the absence of supportive policies, the high cost of capital and inadequate grid infrastructure. Such hurdles lock these countries into reliance on older, more volatile energy systems, thereby exacerbating the global energy gap. 

Addressing these systemic barriers is essential to ensuring a truly inclusive and resilient global energy future. We need to take a hard look at why we are not moving faster and why more countries are not part of the “renewables revolution.” 

It is clear that we do not have the luxury of time to develop a clean energy system in the way the fossil-based system evolved over the past 150 years. To ensure a successful global energy transition there must be a simultaneous evolution of policy and regulatory frameworks. These must be adapted to account for the current dynamics and strategically guide investments in grid infrastructure and transmission routes, both on land and at sea. 

New locations for energy production, evolving trade patterns and changing centers of demand must also be considered. This effort must be complemented by a strategic reorientation of institutional capacities, ensuring that skills and capabilities are precisely aligned with the future energy system. 

OFQ: Will a re-scaling of emission targets undo the progress we have made or will it create space for a more gradual, affordable, equitable and more widely accepted process of energy transition? 

FLC: Renewables may be abundant, but it is our collective responsibility to make that abundance equitable by directing infrastructure investments, strong policies, technical skills and capacity as well as financing to where they are needed most. Abundance alone is not enough. True success means making renewables inclusive, accessible, affordable and fair for all. 

This calls on the global community to reimagine how international cooperation works. Initiatives such as the Accelerated Partnership for Renewables in Africa (APRA), for which IRENA serves as Secretariat, are already delivering results. The first APRA Investment Forum in Nairobi mobilized projects worth approximately US$2.7 billion across 25 projects with a combined capacity of around 1 GW. It demonstrates how collaborative action can mobilize resources, build trust and turn ambition into project pipelines. 

Building on this momentum, we cohosted the second APRA Investment Forum with the Government of Sierra Leone in October 2025, further strengthening regional leadership and collaboration. And we intend to replicate this model in other regions - Central Asia, Southeast Asia and Latin America - so that investment flows not only grow in scale but also reach the places where they matter most. 

OFQ: What, in your opinion, is the perfect energy mix? 

FLC: There is no single blueprint for the “perfect” energy mix. Each country must define its own transition pathway based on its national circumstances, resource endowment and development priorities. What is clear, however, is that the backbone of the global energy system will be renewables, complemented by green hydrogen and the sustainable use of biomass. 

In this way, the energy transition is not about maximizing the share of renewables at any cost, but about shaping a balanced system that keeps the 1.5°C target within reach. 

IRENA’s 1.5°C Scenario, presented at the World Energy Transitions Outlook 2024, shows that by 2050 renewables are set to provide 77 percent of global primary energy supply, with electricity accounting for over half of the total final energy use. Clean hydrogen and its derivatives are on course to cover some 14 percent of the energy mix, largely serving hard-to-abate sectors, while modern biomass is likely to contribute about 8 percent. Together, these elements underpin a climate-safe, affordable and resilient energy system. 

OFQ: IRENA and the OPEC Fund have forged a close relationship in recent years based on joint commitments. What has been achieved, what are the next exciting projects and where do you see space for this cooperation to develop even further? 

FLC: We have been working closely with the OPEC Fund through the ETAF Platform, where you are one of 14 partners. The OPEC Fund joined ETAF at its launch at COP26 in Glasgow and has since been one of the most agile partners, following up commitments with concrete support. 

Through this collaboration, IRENA has helped develop 10 renewable energy projects to date, including the Bumbuna Hydropower project extension in Sierra Leone, where joint missions were carried out to accelerate progress. This partnership illustrates how ETAF not only mobilizes capital but also strengthens the pipeline of bankable projects in developing countries. 

Ongoing support from the OPEC Fund will enable IRENA to scale up its project facilitation efforts further. Ultimately, playing a role in renewable energy solutions is not a privilege for the few, but a shared opportunity for all!