To date, only a small part of the US$1.2 trillion investment in hydrogen supply and use that is needed between now and 2030 has been committed by public and private institutions. Meeting the green hydrogen ambitions of six leading African countries alone would require to increase investment by threefold by 2050. To foster a conducive investment climate in the renewable energy sector, it is incumbent to substantially expand blended financing options, increase co-financing for large-scale projects, enhance the availability of risk-mitigation measures across the entire value chain, and create the enabling policy conditions for investment.
The session aimed at mobilising financing commitments for renewable energy and green hydrogen in the leadup to COP28. It brought together leading public, development and private finance institutions to mobilise capital for green hydrogen projects in developing countries, and discuss the innovative financing instruments needed. It served as a sector-specific effort within the wider development and climate finance reform agenda, within the Bridgetown Initiative.
