The Global Climate Finance Centre and IRENA Join Forces to Accelerate Global Climate Finance and Renewable Energy Initiatives

Abu Dhabi, United Arab Emirates, 30 July 2024 - The International Renewable Energy Agency (IRENA) and the Global Climate Finance Centre (GCFC), an independent entity focused on catalysing climate investments and solutions globally, announced a strategic partnership to scale-up climate finance and renewable energy initiatives globally.

The GCFC helps create an ecosystem that enables investments into low-carbon, sustainable and resilient projects by bringing together cutting-edge research, market innovations, capacity-building programs, and practical initiatives to scale up climate investments globally, particularly focusing on emerging and developing markets.

This collaboration will harness the synergies between IRENA and GCFC across various workstreams, including market intelligence, capacity building, practical platforms, and collaborative initiatives. Together with other key stakeholders in the climate space, the partnership aims to drive innovative solutions that enhance the scale, accessibility, and affordability of climate finance globally.

The partnership will include joint work along the following three work streams:

(i) Research and innovation: The Parties will work together to conduct market research and analysis to produce thought leadership and innovative solutions for key topics driving present and future global climate finance flows, including de-risking mechanisms, green industrialization opportunities, carbon markets, and policy innovations, among others.

(ii) Capacity-building and technical assistance: Both institutions strive to increase the adoption of climate solutions by strengthening local capabilities. Their joint work will include building strong frameworks for renewable energy and associated infrastructure policies and regulations, and financial skills needed to develop project pipelines, among others.

(iii) Practical coalitions and project pipeline financing: The Parties will work jointly to advance partnerships and practical initiatives with natural synergies. This will include, but is not limited to, their respective work on supporting African countries in energy transition via IRENA's Accelerated Partnership for Renewables in Africa ("APRA") and the GCFC-hosted Africa Green Investment Initiative ("AGII"). The Parties will also collaborate to co-create and co-host events, including workshops and matchmaking 'deal rooms', to share knowledge, connect climate investors with investment opportunities, create and strengthen partnerships, and advance innovative renewable energy finance solutions to improve the uptake of global climate investments.

Francesco La Camera, Director-General of the International Renewable Energy Agency, said: "Despite the remarkable political momentum established by the UAE Consensus and a universally compelling business case for renewables, progress on the energy transition remains uneven across regions, largely due to a lack of access to affordable financial resources. This strategic partnership with GCFC aims to address this disparity by strengthening finance flows, building capacities, and fostering innovation where it is needed most."

Mercedes Vela Monserrate, CEO of the Global Climate Finance Centre, said: "By joining forces with IRENA, the Global Climate Finance Centre is taking a significant step forward in accelerating the flow of climate finance and propelling renewable energy initiatives around the world. United by a global vision for climate action, this collaboration seeks to empower countries and communities to implement effective climate solutions and build a more sustainable future."