UAE, IRENA launch USD 1bn platform to back renewables expansion

The launch of the Energy Transition Accelerator Financing platform at the COP 26 United Nations Climate Summit in Glasgow. Image by IRENA.

November 4 (Renewables Now) - The United Arab Emirates and the International Renewable Energy Agency (IRENA) have launched a platform that will seek to raise more than USD 1 billion (EUR 864m) in a bid to deploy 1.5 GW of renewable energy and storage in developing countries by 2030.

UAE's Abu Dhabi Fund for Development (ADFD) will provide USD 400 million of the funding for the Energy Transition Accelerator Financing (ETAF) Platform and more capital is expected to come from various funding partners, investors, private sector and donors, IRENA said on Wednesday. An additional investment of USD 2 billion could be added to the platform through co-financing.

The launch of ETAF, which was announced at the COP 26 United Nations Climate Summit in Glasgow, is meant to accelerate the expansion of renewable energy in developing countries and back projects that need financing.

The projects in the pipeline of the platform will be selected through open calls and will get technical assistance and project facilitation support from IRENA.

"Today’s announcement will help to advance the economies of partner countries by providing reliable, low-cost renewable energy for businesses, industry, and homes," said UAE's minister of industry Sultan Al Jaber.

ADFD has already supported the development of 90 renewable energy projects with a total capacity of over 9,000 MW, providing USD 1.4 billion in funding.

(USD 1.0 = EUR 0.864)

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