UAE - Today, three new partners - Asian Infrastructure Investment Bank (AIIB), Masdar and Swiss Re - have officially joined the Energy Transition Accelerator Financing Platform (ETAF), Irena’s global climate finance platform aimed at mobilising capital to scale up renewable project funding in developing countries by 2030.

The ETAF Platform, managed by Irena, leverages its partners’ proven track record in innovative financial solutions to deliver impact to Irena’s member countries.

It also benefits from the UAE’s climate investment leadership in the run-up to COP28 hosted by the UAE in 2023.

Cooperation agreements with the Asian Infrastructure Investment Bank (AIIB), Masdar and Swiss Re were signed on-site at the UN Climate Change Conference COP27 in Sharm el-Sheikh. AIIB intends to deploy $300 million as part of the relationship.

Masdar intends to contribute a potential investment of up to $200 million in the programme. Swiss Re can help de-risk these critical investments, with insurance solutions and risk insights.

Joining the founding partner and pioneer investor Abu Dhabi Fund for Development (ADFD) who already anchored an investment of $400 million, ETAF closes on securing a minimum of $1 billion in total funding to start Calls for Projects as of today.

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

The official announcement was made in the presence of Irena’s Director-General Francesco La Camera; Majid Al Suwaidi, Director-General of the UAE-hosted COP28; Mohammed Saif Al Suwaidi, Director-General of ADFD; AIIB President Liqun Jin; Masdar’s CEO Mohamed Jameel Al Ramahi; Swiss Re Chair of Public Sector Solutions Veronica Scotti and IDB’s Graham Watkins, Division Chief, Climate Change and Sustainable Development.

La Camera said: "Today’s pledges will allow Irena to facilitate capital mobilisation to accelerate the energy transition in developing countries. As a truly global finance platform, ETAF will change the investment landscape in emerging markets in response to the climate crisis."

"Together with our partners, we can channel international financing to scale renewable energy projects to secure energy to people and communities in most need on the ground and advance the transition to foster socioeconomic impact and climate resilience," he stated.

Majid Al Suwaidi said: "We are encouraged to see new partners join the Irena-led Energy Transition Accelerator Financing (ETAF) Platform. Developing and emerging markets account for only one fifth of clean energy investment, and the ETAF is helping to address this critical gap in the global energy transition."

"The UAE is proud to have provided the $400 million in anchor funding for the ETAF at COP26, and we look forward to working with our partners to see this Platform deliver clean energy, climate action, and economic prosperity for emerging markets in the Global South," he stated.

Saif Al Suwaidi said: "We are proud to be part of the ETAF initiative, as it supports the UAE’s strategic vision to unite global efforts to address climate change through the promotion of renewable energy."

"Greater support to this cause will accelerate mobilisation of green financing, which in turn will hasten the pace of energy transformation in the developing world," he noted.

Jin said: "Our collaboration with ETAF marks an important step forward for AIIB. This collaboration reflects our commitment to unlock new capital through innovative financing tools, advance the climate agenda, and deliver value to our most vulnerable member economies."

"As a climate-centric partnerships-focused Bank, we eagerly anticipate an impactful relationship with fellow members of the platform, and look forward to financing a greener, more sustainable future for all," he noted.

Al Ramahi said the ETAF platform will leverage Masdar’s technical and commercial expertise and capital, with a potential investment from Masdar of up to $200 million in the programme, to deliver clean energy to developing countries.

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