UAE: ETAF Platform closes in on $1bln to advance energy transitions

UAE: ETAF Platform closes in on $1bln to advance energy transitions

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