IRENA, OPEC Fund tie up to advance RE investment

This is in pursuit of a “just, inclusive, and equitable energy transition.”

The International Renewable Energy Agency (IRENA) and the OPEC Fund for International Development (OPEC Fund) to further advance investment in renewable energy. 

The Memorandum of Understanding, signed in Vienna, also sought to enable access to sustainable finance in emerging and developing markets. 

“We promote an inclusive and just energy transition that leaves no one behind,” OPEC Fund Director-General Abdulhamid Alkhalifa said. 

“Our cooperation with IRENA will help to provide the necessary funds and facilitate access to innovative financing solutions, knowledge and technologies, as well as technical assistance for project development and capacity building to support the energy transition in our partner countries, particularly in Africa.”

The MoU is in line with the 2030 Agenda for Sustainable Development and the Paris Agreement. 

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“Our World Energy Transitions Outlook shows that we must nearly treble the speed of deployment of renewables and massively redirect investment towards transition,” IRENA Director-General Francesco La Camera said. 

The collaboration provided for both IRENA and OPEC Fund to extend technical assistance and capacity building to project developers, as well as create a pipeline of bankable projects. 

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The two parties will also explore cooperation under the IRENA-managed Energy Transition Accelerator Financing Platform, the Climate Investment Platform, and the OPEC Fund initiatives. 

IRENA and OPEC Fund will also closely work together at the UN Climate Conferences (COP27) in Egypt in November 2022 and in November 2023 for the COP28 in the United Arab Emirates.