The AIIB allocates 300 million dollars to the ETAF at COP27

Three new partners have officially joined the Energy Transition Accelerator Financing Platform (ETAF), IRENA’s global climate finance program aimed at mobilizing capital to increase financing for renewable projects in developing countries by 2030.

Cooperation agreements with the Asian Infrastructure Investment Bank (AIIB), Masdar and Swiss Re they signed on-site at the United Nations Climate Change Conference COP27 in Sharm el-Sheikh, Egypt.

The AIIB plans to allocate $300 million as part of the relationship. Masdar intends to contribute a potential investment of up to $200 million to the program. Swiss Re can help reduce the risk of these critical investments, with insurance solutions and risk insights.

Together with founding partner and pioneering investor Abu Dhabi Fund for Development (ADFD), which has already invested $400 million, ETAF is poised to secure a minimum of $1 billion in total funding to launch calls. of projects starting today.

The MDBs will expand their support to countries seeking a sustainable and climate-resilient transition

The Inter-American Development Bank (IDB) announced its interest in becoming a partner of the ETAF and commits to co-finance up to 100 million dollars of ETAF projects in renewable energy and decarbonization technologies in the Latin American and Caribbean (LAC) region. .

Launched by IRENA with the strategic support of the United Arab Emirates at the COP26 in Glasgow, the ETAF is an open platform that will seek projects on an ongoing basis, in line with the implementation of the Paris Agreement and the Sustainable Development Goals.

It will help finance viable projects and mitigate investment risks in developing countries through innovative financing solutions, project partnering, technical assistance and project facilitation.