MIGA Vice-President & Chief Operating Officer Visits Abu Dhabi, United Arab Emirates to Discuss Investments in Renewable Energy
S. Vijay Iyer, Vice-President & Chief Operating Officer of the Multilateral Investment Guarantee Agency (MIGA) participated in the 24th World Energy Congress held in Abu Dhabi, United Arab Emirates from 9 – 12 September 2019.
As part of this visit, Vice-President Iyer – a former Director of Sustainable Energy at The World Bank - spoke on a panel focused on closing the clean energy investment gap, discussing specifically how despite decreased investments over the last two years, the energy industry can double the current role of investments even as foreign investment is on the decline.
‘Given the scale of investment required, coupled with the scarcity of public funds, countries need to strive to create enabling environments which attract investments into renewable energy. This enabling environment could include regulatory reform, innovative approaches such as auction mechanisms for renewable energy producers or the issuance of ‘green bonds’, strategic investments in research and development, and demonstration projects which create market conditions that in turn facilitate investment,’ Vice-President Iyer said. ‘With confidence in the scalability of the market, investors can feel a greater sense of assurance. MIGA can play a critical role in de-risking private investments against political risks so as to enable capital flow into the sector,’ he added.
On the sidelines of the Forum, Vice-President Iyer also met with a number of private investors in the energy sector to understand their investment priorities, and to explore how MIGA can better support their investments goals.
Presently, MIGA has an expansive global portfolio supporting renewable energy projects, from hydropower projects in Uganda to the Solomon Islands, geothermal projects in Ethiopia, to solar and wind projects in North and West Africa.