IRENA gains major $4.05b boost for energy transition platform

The ETAF Platform is intended to boost renewable energy within developing countries.

International Renewable Energy Agency (IRENA) has received $4.05b of financial pledges from four new partners for its Energy Transition Accelerator Financing Platform (ETAF).

The funding has exceeded its original target for COP28 by more than four times – a strong trajectory for the financing of renewable energy in developing countries.

Unveiled during COP28, the pledges has come from European Bank for Reconstruction and Development (EBRD) with $1b, HSBC with $200m, the International Finance Corporation (IFC) with $1b, and the Multilateral Investment Guarantee Agency (MIGA) with the provision of risk mitigation products for several ETAF projects.

Established in 2021, the ETAF platform serves to improve renewable energy projects that add to Nationally Determined Contributions (NDCs) in developing countries, enhancing energy access and security, and elevating economic growth and diversification.

ALSO READ: ACEN bags $49.15m green term loan for Australia RE expansion

“The remarkable growth of the ETAF Platform not only demonstrates its effectiveness as a project facilitator but also shows that when the right conditions are in place, securing financing for renewable energy projects no longer becomes a barrier,” Francesco La Camera, director-general of IRENA, stated.

Additionally, the OPC Fund has committed to adding US$400,000 in grants after its earlier pledge of US$250m to ETAF, intended for providing technical assistance. Other partners include the Emirates Development Bank with US$350m, the Islamic Development Bank with US$250m, and the Islamic Corporation for the Insurance of Investment and Export Credit. This leads to a total of 13 partners for the ETAF platform.

Also Read

Carbon capture and storage outlook worsens amidst high costs, performance

Indian wind and solar projects see improved performance in FY24

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit