IRENA’s energy transition platform bags $1b investments
The platform aims to ramp up funding for renewable projects in developing countries.
The Energy Transition Accelerator Financing Platform, managed by the International Renewable Energy Agency (IRENA), has secured a total of $1b in investment that will help scale up renewable project funding in developing countries by 2030.
In a statement, IRENA said the Asian Infrastructure Investment Bank pledged $300m as part of the cooperation agreement signed, whilst Masdar will contribute up to $200m. Swiss Re can help de-risk critical investments through insurance solutions and risk insights.
Founding partner and pioneer investor Abu Dhabi Fund for Development has committed $400m.
Meanwhile, the Inter-American Development Bank expressed interest to be a partner in the platform and co-finance of up to $100m of renewable energy and decarbonisation projects in Latin America and the Caribbean region.
Gwadar coal power plant: One step forward, two steps back
Ramping up clean energy will help Bangladesh reduce its reliance on imported fossil fuels