The Energy Transition Accelerator Financing Platform (ETAF), a global climate finance platform launched by UAE-based intergovernmental organisation International Renewable Energy Agency (IRENA), has secured a minimum of $1 billion to scale up renewable project funding in developing countries by 2030.
Asian Infrastructure Investment Bank (AIIB), UAE renewable energy firm Masdar and Swiss Re signed a cooperation agreement with ETAF at COP27 in Sharm El-Sheikh, according to a press statement.
Masdar plans a potential investment of up to $200 million, while AIIB will deploy $300 million in the programme. On the other hand, Swiss Re can help de-risk these critical investments with insurance solutions and risk insights, the IRENA statement said.
ETAF founding partner Abu Dhabi Fund for Development has already anchored an investment of $400 million.
The Inter-American Development Bank also plans to co-finance up to $100 million of ETAF projects in renewable energy and decarbonisation technologies in Latin America and the Caribbean region, the statement said.
(Writing by P Deol; Editing by Anoop Menon)