Irena’s ETAF platform nabs USD 350 mn in financing: UAE’s Emirates Development Bank (EDB) has signed an agreement with the International Renewable Energy Agency (Irena) to extend AED 1.3 bn (c.USD 350 mn) in financing to support Irena’s Energy Transition Accelerator Financing (ETAF) platform, according to a statement.

More details: The agreement will see EDB provide financing for projects aligned with the Paris-agreed target of limiting global warming to 1.5°C above pre-industrial levels, the statement notes. EDB has a mandate to facilitate support to 13.5k companies across the renewables, manufacturing, technology, food security, and healthcare sectors by 2026, the statement notes.

About ETAF: The platform — supported by the UAE government — was launched in 2021 at COP26 to catalyze investments toward transitioning developing countries toward low-carbon resources. It surpassed its initial target of amassing USD 1 bn by 2030 by some USD 250 mn back in July. The Emirates’ state-owned Abu Dhabi Fund for Development also committed to contribute USD 400 mn to the platform back in February.

What they said: “Our new partnership with IRENA comes at a critical time as the UAE prepares to host COP28 and bolster global efforts towards sustainable economic development. Through the ETAF platform, we will cultivate a robust pipeline of bankable renewable energy projects, and support entrepreneurs to bring high-quality, sustainable, and financially viable clean energy business to market,” EDB’s CEO Mohamed Al Naqbi noted.

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