Sustained economic growth across the globe is leading to steadily expanding demand for energy and associated generation capacity to maintain economic momentum. With falling technology costs and rising fossil fuel prices, renewable power technologies are increasingly competitive. Even key energy exporters are considering renewable energy options to reduce domestic fossil fuel consumption and preserve oil and gas reserves for export. The deployment of renewable energy in a regional context can enhance access to reliable and affordable electricity supply through expanded grid infrastructure; improve security of supply through resource diversification; reduce carbon emissions; and foster new investment and employment opportunities.
IRENA’s Clean Energy Corridor aims to support the integration of cost-effective renewable power options in national systems, promote its cross-border trade and to support the creation of regional markets for renewable power. Tailored to the specific needs and priorities of each Corridor region, its implementation builds upon synergies with regional initiatives and rests upon the core pillars on resource assessment, national and regional planning, enabling frameworks for investment as well as associated activities on capacity building, public awareness and political support.
The concept is being implemented through action plans customised for each region. Its aims are to support the implementation of enabling frameworks that attract timely and sufficient financial resources; identify and develop cost-effective renewable power options; and encourage the reliable integration of higher shares of renewables into electricity systems.
Clean Energy Corridor initiatives span four sub-regions: