Newswire – Renewable energy projects in emerging economies are set to receive a 1.3 billion dirhams ($350 million) financial injection from the UAE’s development bank.
This announcement came as the Emirates Development Bank and the International Renewable Energy Agency signed a collaborative partnership agreement.
This involves the Energy Transition Accelerator Financing Platform, an international renewable energy agency multi-stakeholder body aimed at expediting financing for projects in developing nations and facilitating funding for such initiatives, as reported by the UAE news agency, WAM.
The deal was inked by Ahmed Mohamed Al-Naqbi, EDB’s CEO and Ahmed Badr, director of IRENA’s project facilitation and support division.
The signing was attended by Sultan Al-Jaber, minister of industry and advanced technology, UN Climate Change Conference president and chairman of EDB, and Francesco La Camera, IRENA’s director general.
Under the agreement, EDB will offer financing for projects endorsed by IRENA that align with the Paris Agreement and the UN Sustainability Development Goals through the ETAF Platform.
EDB will leverage its project financing expertise and engage in collaboration with other ETAF partners to secure funding for the suggested projects.
