Panaji: BRICS countries need US$177Bn annually to meet renewable energy targets, says a report by the Institute for Energy Economic and Financial Analysis (IEEFA). According to the report, the current renewable energy targets of BRICS countries require an annual investment of US$51Bn above the investment in adding renewable energy capacity in 2015. This investment gap needs to be filled by 'Blended Finance', catalysed by public finance. The report has found that overall, nearly US$10Bn needs to come from public finance institutions, like the New Development Bank (NDB), annually.
Jai Sharda, the author of the report, said, NDB plans to increase its loan book by about US$1.2Bn annually over the next three years, which is only 11.7 per cent of the incremental capital required from public institutions. As such, there is a clear need to increase the rate at which it deploys additional capital. Also, NDB needs to ensure that going forward, it continues to focus on financing renewable energy projects. The report studies the target each BRICS country presented under the Paris Agreement, their stated energy goals to understand the renewable energy expansion needed and the corresponding magnitude of investments required to meet those targets, a press statement here today said. The report has been released in the lead up to the 8th annual BRICS Summit to be held here on October 15-16. (UNI)
