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Reducingthe
CostofCapital
Strategiestounlockclean
energyinvestmentinemerginganddevelopingeconomies
WorldEnergyInvestmentSpecialReport
INTERNATIONALENERGY
AGENCY
TheIEAexaminesthefullspectrum
ofenergyissues
includingoil,gas
andcoalsupplyanddemand,renewableenergytechnologies,electricitymarkets,
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accesstoenergy,
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advocatespolicies
thatwillenhancethereliability,afordability
andsustainabilityofenergyinits
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13associationcountriesandbeyond.
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Acknowledgements
Acknowledgements3
ThisreportwaspreparedbytheEnergyInvestmentUnitintheOfficeoftheChiefEnergy
Economist(OCEE)DivisionoftheDirectorateofSustainability,TechnologyandOutlooks(STO).ItwasdesignedanddirectedbyTimGould,ChiefEnergyEconomist,andCeciliaTam,ActingHeadoftheEnergyInvestmentUnit.LucilaArboleyaSarazolasupportedthedesignofthereportandledco-ordinationofthereporttogetherwithSiddharthSingh.Chapter1wasco-ledbyLucilaArboleyaSarazolaandCeciliaTam.Chapter2wasco-ledbySiddharthSinghandLucilaArboleyaSarazola.
OtherprincipalauthorsofthereportwereTanguydeBienassis(ledbuildingsandenduse);MusaErdogan(co-ledstorageandChapter1);DavidFischer(co-ledstorage);EmmaGordon(ledhydro);AlanaRawlinsBilbao(ledelectricitygrids);andPeterZeniewski(ledadvancedfuels).EmileBelin-BourgogneandRyszardPospiechprovidedsupportacrosssectors.
EleniTsoukalaprovidedessentialsupportandErinCrumwasthecopyeditor.
ThereportalsobenefitedfrominputprovidedbynumerousIEAcolleagues,inparticularHeymiBahar,TrevorCriswell,ChristopheMcGlade,MichaelWaldronandBrentWanner.
AdditionalthanksgototheIEACommunicationsandDigitalOffice(CDO)Divisionfortheirhelpproducingthereportandwebsitematerials,particularlytoJethroMullen,ActingHeadofCDO,andCurtisBrainard,AstridDumond,LucileWall,ThereseWalsh,IsabelleNonain-Semelin,OliverJoyandPoeliBojorquez.
SpecialthanksalsogototheIEAFinanceIndustryAdvisoryBoardfortheirvaluableinputs.
Peerreviewers
Manyseniorgovernmentofficialsandinternationalexpertsprovidedinputandreviewedpreliminarydraftsofthereport.Theircommentsandsuggestionswereofgreatvalue.Theyinclude:
CharlieDonovan
ImpaxAssetManagement
LucyHeintz
Actis
SeanKidney
ClimateBondsInitiative
BradHandler
PayneInstitute
HaraldHirschhofer
TheCurrencyExchangeFund(‘TCX’)
GautamJain
ColumbiaUniversity
AriolaMbistrova
OrganisationforEconomicCo-operationandDevelopment
SoniaMedina
Children’sInvestmentFundFoundation
WaleShonibare
AfricanDevelopmentBank
BjarneSteffen
ETHZurich
KelvinWong
DBSBank
JoseA.Omaechevarria
Iberdrola
4InternationalEnergyAgency|ReducingtheCostofCapital
ThispublicationhasbeenproducedwiththefinancialassistanceoftheEuropeanUnionaspartofitsfundingoftheCleanEnergyTransitionsinEmergingEconomiesprogramme(CETEE-2)withintheCleanEnergyTransitionsProgramme,theIEA’sflagshipinitiativetotransformtheworld’senergysystemtoachieveasecureandsustainablefutureforall.
TheworkreflectstheviewsoftheInternationalEnergyAgencySecretariatbutdoesnotnecessarilyreflectthoseofindividualIEAmembercountriesorofanyparticularfunder,supporterorcollaborator.NoneoftheIEAoranyfunder,supporterorcollaboratorthatcontributedtothisworkmakesanyrepresentationorwarranty,expressorimplied,inrespectofthework’scontents(includingitscompletenessoraccuracy)andshallnotberesponsibleforanyuseof,orrelianceon,thework.
TableofContents
TableofContents5
Acknowledgements 3
Executivesummary 7
1
Unlockingcleanenergyinvestment11
1.1Thecleanenergyinvestmentgap 12
1.1.1Today’sinvestmenttrendsandfutureneeds 13
1.1.2Investmentprioritiesto2035 15
1.1.3Sourcesoffinance 18
1.2Thecostofcapital 19
1.2.1Whatisthecostofcapital? 19
1.2.2WhydoesthecostofcapitalmatterforEMDEenergytransitions? 25
1.3Bringingdownthecostofcapital 27
2
Identifyingrisksthatinfluencethecostofcapital33
2.1Introduction 34
2.2Utility-scalesolarPVandwind 35
2.2.1Utility-scalesolarandwindingrowingmarkets 39
2.2.2Utility-scalesolarandwindinmaturingmarkets 41
2.3Grids 46
2.3.1Publiclyledgridfinancing 48
2.3.2Privatelyledgridfinancing 50
2.4Energyefficiencyinbuildings 54
2.5Electricmobility 58
2.6Advancedbiofuels 62
2.7Utility-scalehydro 65
2.8Batterystorage 69
Annexes
AnnexA.Definitions 75
AnnexB.References 85
Executivesummary
ExecutiveSummary7
Cleanenergyinvestmentinmostemerginganddevelopingeconomieshas
yettotakeoff:Ahighcostofcapitalisamajorreasonwhy
Howemergingmarketanddevelopingeconomies(EMDE
1
)meettheirrisingenergyneedsisapivotalquestionbothfortheircitizensandfortheworld.Cost-competitivecleanenergytechnologiesopenthepossibilitytochartanew,lower-emissionspathwaytogrowthandprosperity,butcapitalflowstocleanenergyprojectsinmanyEMDEremainworryinglylow.Globalcleanenergyinvestmenthasrisenby40%since2020,reachingUSD1.8trillionin2023,butalmostalltherecentgrowthhasbeeninadvancedeconomiesandinChina.EMDEaccountforaround15%ofthetotal,despiteaccountingforaboutathirdofglobalgrossdomesticproductandtwo-thirdsoftheworld’spopulation.IndiaandBrazilarebyadistancethelargestEMDEcleanenergymarkets.
Allpathwaystosuccessfulglobalenergytransitionsdependonexpandingcapitalflowstocleanenergyinfast-growingEMDE.Withgrowinginternationalattentiontothisissue,theInternationalEnergyAgency(IEA)wastaskedbytheParisSummitonaNewGlobalFinancingPactinJune2023tomakerecommendationsonhowtobringdownthecostofcapitalforcleanenergyinvestmentinEMDE.Thisreportanswersthatrequest,buildingonpreviousIEAanalysisandonnewsurveydatacollectedfortheIEA’sCostofCapitalObservatoryproject.
Oursurveyofleadingfinanciersandinvestorsconfirmsthatthecostofcapitalforutility-scalesolarphotovoltaic(PV)projectsinEMDEiswellovertwiceashighasitisinadvancedeconomies.ThisreflectshigherrealandperceivedrisksinEMDEatthecountry,sectoralandprojectlevels.Anelevatedcostofcapitalpushesupfinancingcostsandmakesitmuchmoredifficulttogenerateattractiverisk-adjustedreturns,especiallyforrelativelycapital-intensivecleantechnologies.Asaresult,EMDEcanenduppayingmoreforcleanenergyprojectsortheycanmissoutaltogether.SolarPVplantsandothercleanenergyprojectstendtoinvolvearelativelyhighershareofupfrontexpenditureandalowershareofoperatingexpensesintotalprojectcosts.Ifcountriescannotaffordhighupfrontcosts,theycanbelockedintopollutingtechnologiesthatmightinitiallybelessexpensivebutrequirepersistentspendingon–andcombustionof–fossilfuelsfortheiroperation.
Countryandmacrofactorsareamajorcontributortothehighcostofcapitalforcleanenergyprojects,butsotooarerisksspecifictotheenergysector
Broadcountry-relatedrisksandmacroeconomicfactorstypicallyexplainalargeshareofcountry-by-countryvariationsinthecostofcapital.Theseincludetheruleoflawandsanctityofcontracts,aswellasconcernsaboutcurrencyfluctuationsandconvertibility.AsthebalanceofcapitalspendingonenergyinEMDEshiftsawayfromdollarised,globallytradedcommodities,suchasoil,towardscleanenergyprojectsthatrelyondomesticallygeneratedrevenues,theoverallqualityandpredictabilityofthedomesticbusinessenvironmentbecomeevenmoreimportantforinvestors.Mechanismsthatmitigatetheserisksincludeguaranteesagainstexpropriationandfacilitiestoreducethecostofcurrency
1ReferencestoEMDEinthisreportexcludethePeople'sRepublicofChina(hereafter,"China").
8InternationalEnergyAgency|ReducingtheCostofCapital
hedging.However,overthelongertermthereisnosubstituteforeffortstotackletheunderlyingissuesbystrengtheningnationalinstitutions,reducinginflation,anddeepeninglocalcapitalmarketsandfinancialsystems.EMDEthathavesuccessfullyscaledupcleanenergyinvestment,includingIndia,BrazilandSouthAfrica,haveallreliedheavilyondomesticsourcesofcapital.
Therearealsoproject-andsector-specificrisksthatcanbeaddresseddirectlybyenergypolicymakersandregulators;thesearethefocusofthisreport.Inthecaseofcleanenergygenerationprojectsinthepowersector,keyissueshighlightedbysurveyrespondentsrelatetosectorregulations,thereliabilityofrevenues–dependentmainlyontheoff-taker’sabilitytopayontime–andtheavailabilityoftransmissioninfrastructureorland,andhowalltheseissuesaredefinedincontracts.Suchproject-andsector-specificelementscanaccountfor20-30%ofthehighercostofcapitalinEMDE.Thisreportprovidesdetailedinsightsintothesefactors,howtheyvaryacrosspartsoftheenergysector,andwhatcanbedonetoaddressthem.ThereareplentyofpositiveexamplesinEMDEwhereclearregulation,avisionandintenttomoveaheadwithcleanenergytransitions,andareadinesstoworkwiththeprivatesectorhaveyieldedimpressiveresults.
TherequiredincreaseinEMDEcleanenergyinvestmentishuge,butalmostallofitinvolvesmaturetechnologiessupportedbytriedandtestedpolicies
FromUSD270billiontoday,annualcapitalinvestmentincleanenergyinEMDEneedstorisetoUSD870billionbytheearly2030stogetontracktomeetnationalclimateandenergypledges,andtoUSD1.6trillionina1.5-degreepathway.Theincreasesareneededacrossarangeoftechnologiesandsectors,butthreeareasstandout:almostaquarterofthetotalcleanenergyinvestmentoverthenexttenyearsgoestoutility-scalesolarandwindprojects,andanotherquarterismadeupofinvestmentinelectricitynetworksandinefficiencyimprovementsinbuildingstogether.Asmallfractionofthetotalinvestmentspend–lessthanUSD50billionperyear–wouldbesufficienttoensureuniversalaccesstoelectricityandtocleancookingfuels.
TheincreaseinspendingissteepbutalmostalltherequiredEMDEinvestmentisinmaturetechnologiesandinsectorswheretherearetriedandtestedpolicyformulasforsuccess.ThiswouldgiveEMDEafirmfootholdinthenewcleanenergyeconomy,withmajorbenefitsforenergyaccessandsecurity,sustainablegrowth,andemployment,aswellasforemissionsandairquality.Onlyabout5%ofthecumulativeEMDEcleanenergyinvestmentneedsto2035areinsectorsthatdependonnascenttechnologiessuchaslow-emissionshydrogen,hydrogen-basedfuels,orcarboncapture,utilisationandstorage.
Keyrolesforenhancedinternationalsupportandconcessionalfinance
Investmentonthisscalewillmeanscalingupallsourcesoffinance,withavitallyimportantroleforwell-coordinated,enhancedinternationalfinancialandtechnicalsupport.Aspartoftheglobalpushtoexpandandimprovefinanceforsustainabledevelopment,weestimatethatatriplingofconcessionalfundingforEMDEenergytransitionswillberequiredtogetEMDEontrackfortheirenergyandclimategoals.Notallprojectsorcountriesrequirethis
ExecutiveSummary9
kindofsupport,anditcannotreplaceneededpolicyactionsorinstitutionalreforms.But,usedstrategically,itcanhelpcountriesremovebarriersthatareslowingcleanenergyinvestment–includingweaknessesinprojectpreparation,dataquality,andenergysectorpoliciesandregulationthatpushupthecostofcapital–andbringinmuchlargervolumesofprivatecapital.Targetedconcessionalsupportisparticularlyimportantfortheleastdevelopedcountriesthatwillotherwisestruggletomobilisecapital.Strongercoordinationamonggovernments,developmentfinanceinstitutions,privatefinanciersandphilanthropieswillbeessentialtohelpEMDEnavigateandunderstandthedifferentfinancinginstruments,risk-mitigationandcreditenhancementtoolsthatcanhelpprojectsgetofftheground.
Loweringthecostofcapitalby1percentagepointcouldreducefinancingcostsforEMDEnetzerotransitionsbyUSD150billionperyear
Ouranalysisshowsthatcapitalcosts–e.g.forland,buildings,equipment–areusuallythelargestsingleelementintotalcleanenergyprojectcostsinadvancedeconomies,whereasinEMDEthelargestelementisfinancingcosts.Financingcostsforutility-scalesolarPVprojectsinEMDE,forexample,canconstitutearoundhalformoreofthelevelisedcostofelectricity.EffortstodecreasethecostofcapitalinEMDEarenotonlycrucialforinvestorsbutalsofortheoverallaffordabilityofenergytransitionsforconsumers.WeestimatethatnarrowingthegapinthecostofcapitalbetweenEMDEandadvancedeconomiesby1percentagepoint(100basispoints)couldreduceaveragecleanenergyfinancingcostsinEMDEbyUSD150billioneveryyear.
RecommendationsonhowtobringdownthecostofcapitalforcleanenergyinvestmentinEMDE
Multiplefactorsaffectthecostofcapitalandmanyoftheeconomy-wideriskslieoutsidetheremitofenergydecisionmakers,butthequalityofenergyinstitutions,policiesandregulationsstillmattersgreatly.Inthisreport,wehighlighttheimportanceofaclearvisionandimplementationplanforenergytransitions,backedbyreliabledataandsupportwithprojectpreparation.Weunderscoretheneedforenhancedinternationalsupportandcollaboration.UsingcasestudiesandEMDEcountryexamples,wealsoexploreindetailsomespecificrisksandappliedsolutions.Findingsarepresentedhereunderfourheadingsthatreflectrecurringthemesfromourdiscussionswithinvestorsandpolicymakers:theimportanceofgoodpolicyandregulation,reliablepayments,timelypermittingandavailabilityofinfrastructure,andtailoredsupportfornewandemergingtechnologies.
nPolicyandregulatoryrequirementsforcleanenergyprojectsvarywidelyacrossdifferentpartsoftheenergyeconomy,althoughacommondenominatoristheneedforregulationstobetechnicallysound,clearandpredictable.Regulatoryuncertaintiesinthepowersectorareamajorconcern,especiallyinnewareassuchasenergystorageorprivatelyfinancedgrids.Strongregulatoryframeworksforefficiency,includingbuildingcodesandstringentminimumenergyperformancestandardsforappliancesasseeninChile,areanecessaryconditiontoscaleupinvestmentinthesesectors.SouthAfrica’s
10InternationalEnergyAgency|ReducingtheCostofCapital
experiencewithwell-designed,regularprocurementprogrammesforrenewableshasbeenveryeffectivetojump-startbatterystorageinvestmentanddeployment.
nPaymentandrevenueriskscanbeoffsetbywideravailabilityanduseofguarantees,alongsideeffortstostrengthentheunderlyingfinancialhealthoftheentitiesinvolved.Delaysinpaymentofpowerpurchasedbyoff-takers,generallystate-ownedutilities,havebeenaregularconcernforinvestorsandfinanciersofrenewablegenerationprojectsinEMDE(exceptformorematuremarketsthathavealreadyseenconsiderabledeploymentofsolarPVandwind).Greateravailabilityofguaranteesthatcoversuchpaymentdelays,whicharebeingintroducedinvariousAfricancountriesforexample,canhelptoreducerisksandunlockmoreinvestmentincountriesthatareseekingtoscaleuprenewablepower.Thisimpliesincreasingthecapitalallocatedforguaranteesbyinternationalfinancialinstitutions.
nTimelypermittingandco-ordinatedbuild-outofgridsincreasesthepredictabilityofprojecttimelinesandavoidsconnectiondelays,ariskthatworriesinvestorsmoreandmore,includinginEMDEwithagoodtrackrecordofcleanpowerprojects.Inthecaseofhydropowerforexample,identifyingviablesitesandconductingenvironmentalduediligencecancausesignificantconstructiondelays.Similarissuesarehighlightedbyinvestorsforgridsandutility-scalesolarandwind,especiallyincountrieswithhighsharesofvariablegeneration.India’sexperiencewithsolarparkswheretenderswereputinplacewithlandprovidedhavereducedrisksandenabledlowerfinancingcosts.Tenderstoallocatetransmissionaroundgreencorridorsarealsoontherise.Astheshareofrenewablesincreases,itiseasiertoearmarktransmissionlinesas“green”,giventheseareneededalmostexclusivelytoevacuateexistingorexpectedsolarandwind.Theirgreencharacteristicscanalsohelpattracthighlevelsofprivateinternationalcapital.Bringingintheprivatesectortobuildtransmissionlinesthroughprojectfinancestructures(withcontractslikethosesuccessfullyappliedingeneration),asseeninBrazilandvariousotherLatinAmericancountries,hasaproventrackrecordandcouldbemorewidelyapplied.
nSomenewandemergingtechnologiesandsectorsrequiretailoredsupporttoaddressspecificrisks,suchasthelackofcharginginfrastructureforelectricvehiclesortechnologicalriskassociatedwithfirst-of-a-kindadvancedbiofuelprojects.Thesesectorswillneedtailoredsolutionssuchastargetedtaxcreditsorfirstlossguarantees,alongsidecomplementarymeasuressuchasconsumeraccesstolow-costautoloansforelectricvehiclesandpricingreformsthatmakeelectricitycompetitivewith(oftensubsidised)transportfuels.Aswithothergrowthmarkets,governmentsshouldconsiderrenewablefuelstandardsorbiofuelmandatessuchasthoseappliedinIndonesiatoprovidestablemarketconditionsforinvestors.
Chapter1
Chapter1|Unlockingcleanenergyinvestment11
Unlockingcleanenergyinvestment
Whythecostofcapitalmatters
SUMMARY
?Meetingnationalandglobalclimategoalsrequiresamassivescale-upincleanenergyinvestmentsinemergingmarketanddevelopingeconomies(EMDE).Annualcleanenergyinvestmenttogetontrackfora1.5-degreepathwayneedstoreachUSD1.6trillioninEMDE(excludingChina)bytheearly2030s,upfromaroundUSD270billiontoday.Thesesumsarewaybeyondthecapabilitiesofpublicfunding.Allsourcesoffinancewillneedtogrow,butthelargestgrowthwillneedtocomefromprivatesources,backedbystrategicandjudicioususeofinternationalpublicfinance.
?AhighcostofcapitalinEMDEmakesitmuchmoredifficulttogenerateattractiverisk-adjustedreturns,especiallyforrelativelycapital-intensivecleanenergytechnologies.SurveydatacollectedbytheIEAshowthatthecostofcapitaliswellovertwiceashighinEMDEasitisinadvancedeconomies.
?Countryandmacrorisksarethelargestcontributorstothishighcostofcapital,buttherearealsoenergysectorandproject-specificrisksthatarewithintheremitofenergypolicymakerstoaddress.Theseenergy-specificelementsarethefocusofthisreport,althougheffortsinparalleltotacklebroaderrisks,suchascurrencyrisk,andtofurtherdevelopdomesticfinancialsystemsinEMDEarealsoessential.
?Thereisawealthofcountryexamplesshowingthatpredictablecleanenergypolicyframeworks,basedonacoherentvisionforenergytransitioninvestmentsandfinance,areprerequisitesforscalingupinvestment.TheseareareaswherenationalpolicymakersinEMDEshouldtakethelead.Butmuchgreaterinternationalfinancialandtechnicalsupportisalsorequired,especiallyfortheleastdevelopedcountriesandnascentmarketswheretechnologyrisksarehigher.
?Mobilisingprivatefinanceatthescaleneededwillrequireatleastatriplingininternationalconcessionalfundstohelpimprovetheriskreturnprofileofcleanenergyprojectsacrosstheelectricity,end-useandlow-emission-fuelsectors.AnestimatedUSD90billiontoUSD110billionperyearinconcessionalfundsisneededtogetona1.5-degreepathway.Thesefundscanhelpmobiliseprivatecapitalincountriesandsectorsthatdonothaveaccesstocommercialfinance.
?Loweringthecostofcapitalcansubstantiallybringdowntheoverallcostoftransitionsandreducethecostspaidbyconsumers.AonepercentagepointreductioninthecostofcapitalcomparedwithcurrentlevelswouldsavearoundUSD150billioninannualcleanenergyfinancingcosts(representing20%ofannualfinancingcosts)fornetzerotransitionsto2050.Betterriskmanagementthroughstrongpolicyframeworksandregulationaswellasenhanceddeploymentofde-riskinginstrumentsarekey.
12InternationalEnergyAgency|ReducingtheCostofCapital
1.1Thecleanenergyinvestmentgap
Cleanenergyinvestmentshaveincreasedrapidlyinrecentyears,risingby40%since2020toreachanestimatedUSD1.8trillionin2023.Theseinvestmentsencompassarangeoftechnologies,includinglow-emissionspowerandfuels,energyefficiencyimprovements,electrificationofmobilityandheat,andgridsandstorage.SpendingintheseareasisnowsignificantlyhigherthantheUSD1trilliongoingtounabatedfossilfuels.
However,patternsofinvestmentrevealamajorgeographicalimbalance.Morethan80%ofcleanenergyinvestments–andthevastmajorityoftheincreaseinrecentyears–isconcentratedinadvancedeconomiesandinthePeople'sRepublicofChina(hereafter,"China").Therearesomebrightspotsinotheremergingmarketanddevelopingeconomies(EMDE
1
),butoverallcapitalflowstocleanenergyintheseeconomiesremainflatandfarbelowwheretheyneedtobetosatisfyrisingdemandforenergyinasustainableway.Theseeconomiesarehometotwo-thirdsoftheworldpopulation,andaccountforaroundone-thirdofglobalGDPbutforonlyaround15%ofcleanenergyinvestment(Figure1.1).ThisreportfromtheIEAexploresthereasonsforthisimbalance,focusingonthehighcostofcapital,andwhatneedstobedonetobringdownthesecostsandscaleupcleanenergyinvestmentsinthecountriesthatneeditmost.
Figure1.1?Cleanenergyinvestment,GDPandpopulationbyregion
BillionUSD(2022,MER)
Economyanddemography
100%
2000
75%
1500
50%
1000
25%
500
Cleanenergyinvestment
201820192020202120222023eGDPPopulation
EMDEChinaAdvancedeconomies
IEA.CCBY4.0.
EMDEmakeupoverone-thirdofglobalGDPandtwo-thirdsoftheglobalpopulation,butonlyaround15%ofcleanenergyinvestment
Notes:MER=marketexchangerate.Valuesfor2023areestimates.
1ReferencestoEMDEinthisreportexcludeChina,unlessotherwisespecified,butincludeChile,Colombia,CostaRicaandMexico.ThefulllistofcountriesincludedintheEMDEgroupingisinAnnexA.
Chapter1|Unlockingcleanenergyinvestment13
1
ThisreporthasbeenproducedinresponsetoarequestfromtheSummitforanewGlobalFinancingPactinJune2023(Elysee,2023),whichtaskedtheIEAbythetimeofits50thAnniversaryMinisterialMeetinginFebruary2024todoasfollows:
“BuildingontheIEA-IFCreporttotheSummiton“ScalingupPrivateFinanceforCleanEnergyinEmergingandDevelopingCountries”,theIEAshouldmakerecommendationsonhowtobringdownthecostofcapitalforcleanenergyinvestmentsinemerginganddevelopingcountries,takingintoaccountthetransparencyanddataavailabilitytoassessrisks”.
SincethisanalysiswasaskedoftheIEA,itsfocusisonissuesandsolutionsthatliewithintheremitofenergydecisionmakers.WedosowithreferencetoIEAscenariosthatprovidedetailedinsightsontechnologyanddeploymenttrendsinnetzerotransitions(Box1.1).However,risksthatpushupthecostofcapitalextendwellbeyondtheenergysector,highlightingtheneedforabroadefforttocreatetheconditionsthatwillallowallcountriestobenefitfromparticipationinthenewcleanenergyeconomy.
Box1.1?IEAscenariosusedinthisreport
IEAanalysisisbasedonscenarios
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