UAE, IRENA to raise $1 billion for renewable energy solutions

The UAE and the International Renewable Energy Agency (IRENA) have launched a global platform that aims to accelerate clean energy projects in developing nations.

The Energy Transition Accelerator Financing (ETAF) Platform, unveiled at COP26, aims to raise the funds needed to generate 1.5 gigawatts of renewable energy by 2030. 

The UAE has committed US$400 million in funding provided by the Abu Dhabi Fund for Development (ADFD) toward the initiative’s goal of securing at least US$1 billion in total funding.

"As a signatory to the United Nations Framework Convention on Climate Change (UNFCCC), the UAE fundamentally believes, we must work together globally, in partnerships, to mitigate the effects of climate change," said His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Head of the UAE delegation to COP26.

The ETAF platform builds on the long-term collaboration between IRENA and ADFD, which includes seven cycles of the US$350 million IRENA-ADFD Project Facility.

Between 2013 and 2020, the facility financed 26 projects in Asia, Africa, and Latin America, notably including Small Island Developing States.

In total to date, ADFD has worked with a number of clean energy partners and governments around the world to support the development of 90 renewable energy projects in 65 countries that have the capacity to generate more than 9,000 megawatts of electricity.

With the new ETAF contribution, ADFD’s total financing for renewable energy projects now stands at US$1.8 billion.

UAE, IRENA launch $1 billion global platform to accelerate renewable energy at COP26.https://t.co/MOhxaS0Dy2#UAEforClimate pic.twitter.com/pssnOrZ3r9

— MoFA وزارة الخارجية (@mofauae) November 3, 2021