The energy transition will require a major scale-up in the deployment of renewable energy with both public and private finance playing critical roles. Aligning with the Paris Agreement targets needs tripling of total renewable energy capacity in Emerging Markets and Developing Countries (EMDC) by 2030, significantly augmenting financing flows towards renewable energy projects. While the billions to trillions concept, which involves leveraging a small injection of public funds to unlock vast amounts of private resources is appealing, the current situation is far more intricate and demanding than often presented. Scarcity of financing is not an impediment to renewable energy deployment, but the limited availability of bankable projects is. Even under challenging environments, when bankable projects are tendered, investors actively respond to these opportunities and mobilize private investment. However, there is today a global shortage of bankable renewable energy projects available for private investment. Developing a pipeline of bankable projects requires coordinated interventions by governments targeting unique barriers and risks within a country. Governments must deliver the energy transition, while enhancing affordability and reducing poverty. To achieve this, governments with the support of Multilateral Development Banks (MDBs) and other development partners can address country and project-specific barriers to lower risk levels perceived by Independent Power Producers (IPPs), creating the environment necessary to develop a pipeline of renewable projects.