{"id":80854,"date":"2023-11-28T00:00:00","date_gmt":"2023-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/11\/28\/uaes-edb-will-extend-usd-350-mn-to-irenas-energy-transition-accelerator-financing-platform\/"},"modified":"2023-11-28T00:00:00","modified_gmt":"2023-11-28T00:00:00","slug":"uaes-edb-will-extend-usd-350-mn-to-irenas-energy-transition-accelerator-financing-platform","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/11\/28\/uaes-edb-will-extend-usd-350-mn-to-irenas-energy-transition-accelerator-financing-platform\/","title":{"rendered":"UAE\u2019s EDB will extend USD 350 mn to Irena\u2019s Energy Transition Accelerator Financing platform"},"content":{"rendered":"

<\/strong>Irena\u2019s ETAF platform nabs USD 350 mn in financing:<\/strong> UAE\u2019s 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\u2019s Energy Transition Accelerator Financing (ETAF<\/a>) platform, according to a statement<\/a>. <\/p>\n

More details:<\/strong> The agreement will see EDB provide financing for projects aligned with the Paris-agreed target of limiting global warming to 1.5\u00b0C 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.<\/p>\n

About ETAF: <\/strong>The platform \u2014 supported by the UAE government \u2014 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<\/a>. The Emirates' state-owned Abu Dhabi Fund for Development also committed to contribute USD 400 mn<\/a> to the platform back in February.<\/p>\n

What they said:<\/strong> \u201cOur 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,\u201d EDB\u2019s CEO Mohamed Al Naqbi noted.<\/p>\n","protected":false},"excerpt":{"rendered":"

The funding will support Irena\u2019s energy transition platform to finance climate-friendly 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EDB will extend USD 350 mn to Irena\u2019s Energy Transition Accelerator Financing platform","related_issue":[80847],"teaser":"The funding will support Irena\u2019s energy transition platform to finance climate-friendly projects","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.092f4b91-19bd-4f6c-8023-17b562c9472a.mp3"},"yoast_head":"\nUAE\u2019s EDB will extend USD 350 mn to Irena\u2019s Energy Transition Accelerator Financing platform - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/11\/28\/uaes-edb-will-extend-usd-350-mn-to-irenas-energy-transition-accelerator-financing-platform\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE\u2019s EDB will extend USD 350 mn to Irena\u2019s Energy 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