With the addition of four new partners, financial pledges towards the International Renewable Energy Agency’s (IRENA) ETAF platform has received a major boost.
Contributions have reached $4.05 billion, which is more than four times the original target for COP28.
The ETAF platform, which was established in 2021 with the UAE's support, aims to scale up renewable energy projects in developing countries, while also bringing benefits to communities through enhanced energy access and security, and promoting economic growth and diversification.
Collaboration agreements with the European Bank for Reconstruction and Development (EBRD), HSBC, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) were signed with IRENA at the UN Climate Change Conference (COP28).
Under the agreements, EBRD pledged up to $1 billion to the platform; the IFC up to $1 billion; HSBC up to $200 million; and MIGA will provide guarantees and risk mitigation products for selected ETAF projects.
"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," said IRENA’s Director-General, Francesco La Camera.
"We are eager to leverage the unique expertise and capabilities of each ETAF partner, along with the platform's robust project pipeline, to deliver concrete progress on energy access for those that need it most," he added.