OPEC Fund offers $250 mn funding for renewable energy – EQ Mag
The OPEC Fund for International Development (the OPEC Fund) has signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform.
The OPEC Fund plans to support the platform with up to $250 million financing until 2030 to finance renewable energy solutions in its partner countries.
IRENA Director-General Francesco La Camera and OPEC Fund Director-General Abdulhamid Alkhalifa signed the agreement in Vienna during the OPEC Fund Development Forum.
Director-General La Camera said: “Accelerating a renewables-based energy transition is imperative in the fight against climate change, as it enables us to simultaneously tackle pressing energy challenges and alleviate persistent social inequalities.”
The OPEC Fund Director-General said: “This collaboration marks an important milestone in our joint efforts to tackle the twin challenges of climate change and energy poverty thanks to this innovative platform.”
The ETAF platform, established by IRENA and backed by the United Arab Emirates, initially aimed to mobilise at least $1 billion of capital by 2030. With the commitment from the OPEC Fund and contributions from all other existing ETAF partners, this initial target has been surpassed, with total commitments amounting to $1.15 billion.
Source: PTI
