G20 countries committed to make efforts for global development of renewable energy at the first-ever G20 Energy ministers meeting in Istanbul on Thursday, according to IRENA (international renewable energy agency). This is the first time renewable energy has been on the G20 agenda. The G20 plan to focus on five key areas including driving down technology costs, exchanging good practices on enabling policy frameworks and power system integration, mobilizing finance through risk mitigation, technology potentials and roadmaps, and accelerating the deployment of modern bioenergy.
The last focus of the G20, deployment of modern bioenergy, sees participants encouraging innovative biomass applications, including advanced biofuels. Participants are also considering expanding the use of the Global Bioenergy Partnership in the cost assessment of biomass feedstock, with the attempt of expanding the use of forestry residues and waste as bioenergy feedstocks.
The G20 hold 75 percent of total global deployment potential and 70% of potential investment for renewable energy between now and 2030, according to the IRENA.