ENERGY: OPEC Fund Partners with IRENA to Accelerate Energy Transition Financing
ENERGY: OPEC Fund Partners with IRENA to Accelerate Energy Transition Financing
Syndicated By: GEO´ PRWire Team – Gibraltar
21st June 2023
The OPEC Fund for International Development (the OPEC Fund) today signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilise funds for renewable energy investments.
The OPEC Fund plans to support the platform with up to USD 250 million financing until 2030 to finance renewable energy solutions in its partner countries. IRENA Director-General Francesco La Camera and OPEC Fund Director-General Abdulhamid Alkhalifa signed the agreement in Vienna during the OPEC Fund Development Forum.
The ETAF platform, established by IRENA and backed by the United Arab Emirates, initially aimed to mobilise at least USD 1 billion of capital by 2030. Now, with the commitment from the OPEC Fund and contributions from all other existing ETAF partners, this initial target has been surpassed, with total commitments amounting to USD 1.15 billion. The partnership between the OPEC Fund and IRENA also further reinforces the platform’s global reach and impact in attracting interest from other international financing institutions, multilateral development banks, development financial institutions, donors, and corporate sector entities. Learn More /…
About the International Renewable Energy Agency (IRENA)
IRENA is the lead intergovernmental agency for the global energy transformation that supports countries in their transition to a sustainable energy future and serves as the principal platform for international co-operation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewable energy. With 168 Members (167 States and the European Union) and 16 additional countries in the accession process and actively engaged, IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity. Learn More /…
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