Partnership aims to mobilize funds for renewable energy investments and support vulnerable economies
The OPEC Fund for International Development (the OPEC Fund) has announced its partnership with the International Renewable Energy Agency (IRENA) by signing an agreement to join the Energy Transition Accelerator Financing (ETAF) platform.
The ETAF platform is a global initiative aimed at mobilizing funds for renewable energy investments. As part of this collaboration, the OPEC Fund has committed to providing up to USD 250 million in financing until 2030 to support renewable energy solutions in its partner countries.
The agreement was signed by IRENA Director-General Francesco La Camera and OPEC Fund Director-General Abdulhamid Alkhalifa during the OPEC Fund Development Forum held in Vienna. Director-General La Camera emphasized the urgency of accelerating the transition to renewables in the fight against climate change. He stated that this partnership with the OPEC Fund would strengthen the ETAF platform’s role in mobilizing capital for vulnerable economies while addressing energy challenges and social inequalities.
The OPEC Fund’s Director-General, Abdulhamid Alkhalifa, hailed the collaboration as a significant milestone in addressing climate change and energy poverty. He highlighted the platform’s ability to facilitate an inclusive and equitable energy transition by leveraging investments, new technologies, and knowledge sharing.
Initially established by IRENA with support from the United Arab Emirates, the ETAF platform aimed to mobilize at least USD 1 billion in capital by 2030. However, with the OPEC Fund’s commitment and contributions from existing ETAF partners, the platform has already surpassed its initial target, amassing a total of USD 1.15 billion in commitments. This partnership between the OPEC Fund and IRENA further strengthens the platform’s global reach and impact, attracting interest from other international financing institutions, multilateral development banks, development financial institutions, donors, and corporate entities.
The collaboration between the OPEC Fund and IRENA underscores the shared commitment to combat climate change, promote renewable energy, and support sustainable development. With the infusion of funds and the platform’s growing influence, it is anticipated that significant strides will be made towards achieving a greener and more resilient future.