The Islamic World Educational, Scientific and Cultural Organization (ICESCO), in cooperation with Climate Finance Asia, has issued a comprehensive report entitled “Best Practice Financial Support and Standards for Small and Medium-Scale Renewable Energy Projects.” The report responds to the global commitment announced at the COP28 Conference in Dubai to double energy efficiency and triple renewable energy generation by 2030.

The document presents practical pathways for unlocking private investment, facilitating access to networks, and enhancing capacity-building, with the aim of launching small and medium-scale projects that are able to expand access to remote communities, diversify the energy mix, and stimulate local economies sustainably and inclusively.

The report includes five key recommendations, namely: setting ambitious national targets aligned with the outcomes of COP28 and integrating them into Nationally Determined Contributions (NDCs); establishing stable and transparent policy and financing frameworks; as well as mobilizing green and Islamic financing instruments, including green finance and waqf investment, to mitigate investor risk.

The recommendations also call for regional unification of technical standards, training and accreditation programs, and the development of local expertise in project design and financing. Furthermore, they emphasize integrating energy efficiency by enhancing energy-saving measures and relying on small and medium-scale enterprises to create job opportunities and empower communities.

This publication marks the first in a series of initiatives that ICESCO plans to launch to support renewable energy projects in 53 Member States through professional training programs, local policy development, and platforms for knowledge exchange.

The report is available for free download via the following link on the official ICESCO website:
https://icesco.org/en/resources/publications-and-reports/#fin_best-practice-financial-support-and-standards-for-small-and-medium-scale-renewable-energy-projects/1/