A $1 billion fund to accelerate the roll out of renewable energy technologies in developing countries was launched today at COP26.
In a partnership between the United Arab Emirates (UAE) and the International Renewable Energy Agency, the new Energy Transition Accelerator Financing (ETAF) platform is aiming to fund 1.5GW of additional clean power by the end of the decade in countries that for too long have been short-changed when it comes to green energy investments. The UAE has pledged $400 million of support through the Abu Dhabi Fund for Development (ADFD) towards hitting the minimum $1 billion target.
His Excellency Mohammed Saif Al Suwaidi, Director-General of ADFD, said: “IRENA and ADFD have an excellent track record working together on the development of major renewable energy projects in developing markets. These projects have significant environmental, economic and social impact that is transformational for countries and their people. Through this new platform, we seek to bring together finance and development partners from around the world under a shared vision to combat climate change.”
His Excellency Al Suwaidi added: “Given the essential role that renewable energy projects play in achieving sustainable development for developing countries, ADFD has committed to allocating USD 400 million until 2030 to enable accelerated deployment. These projects will have a great impact on local communities, helping beneficiary countries to achieve greater economic and social development.”
The ETAF will seek suitable projects to deliver the 1.5GW on an ongoing basis with IRENA also providing investment-ready projects via its Climate Investment Platform.
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