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  • Enhanced Financial Instruments Needed to Accelerate Renewables Deployment in Tunisia

Enhanced Financial Instruments Needed to Accelerate Renewables Deployment in Tunisia

Jun 02 2021

IRENA outlines recommendations to help country achieve its 30% renewables goal while boosting growth and development.

Abu Dhabi, United Arab Emirates, June 2 2021 — Measures to reform the renewable energy sector’s financial instruments and encourage greater involvement from national financial institutions are critical to the achievement of Tunisia’s energy transformation goals, according to a new report published today by the International Renewable Energy Agency (IRENA).

Tunisia aims to source 30 per cent of its electricity from renewables and reduce an increasing dependence on fossil fuels by 2030. In 2019, renewables accounted for just three per cent of the country’s power generation. The report finds that Tunisia’s Energy Transition Fund requires new streams of capital allowing it to extend credit facilities to the industry, and that capacity building among local banks is critical to improving local investment conditions.

IRENA’s Renewables Readiness Assessment Report: Tunisia, developed in consultation with the Tunisian Ministry of Industry, Energy and Mines, and the National Agency for Energy Conservation (Agence Nationale pour la Maîtrise de l’Energie, ANME), also recommends the establishment of a national electricity regulator and the simplification of procurement and permitting processes.

“Tunisia is determined to accelerate its energy transition over the next decade with a view to achieve energy security through a diversified energy mix and to improve the country’s economic competitiveness.” said H.E. Mr. Mohamed Boussaîd, Minister of Industry, Energy and Mines of Tunisia. “I would like to thank IRENA for this assessment report which provides a detailed analysis on the status of renewable energy in the country and identifies short to medium term actions needed to develop enabling frameworks conducive to increased renewable energy investments.”

The report provides recommendations designed to strengthen Tunisia’s readiness for renewable energy deployment and increase the role of the private sector in achieving national energy goals following the introduction of the National Energy Transition Strategy.

Source: IRENA | News