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.

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“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.