A new global initiative to boost solar projects by making the financing and development process simpler has been launched.
The International Renewable Energy Agency (IRENA) will lead the campaign alongside Terrawatt Initiative.
They aim to bring together public and private sector stakeholders to define and agree on a standard template for solar project documents that are effective and accepted by financial institutions.
According to IRENA, countries have committed to invest $1.2 trillion (£0.8tn) in solar by 2030 under the Paris Agreement.
To reach the target, governments must implement efficient regulatory schemes that enable massive deployment of solar projects and allow private investors to enter the market at scale, it added.
Henning Wuester, Director of IRENA’s Knowledge, Policy and Finance Centre said: “High transaction costs for some solar projects are due, in large part, to the complexity of the contractual documents supporting the projects. Simplifying the negotiation of these contractual documents will help reduce transaction costs and allow investment in solar PV to advance more rapidly in more markets worldwide. That is what this initiative hopes to achieve.”