OPEC Fund Partners with IRENA to Accelerate Energy Transition Financing

Joint News Release

Vienna, Austria, 19 June 2023 - The OPEC Fund for International Development (the OPEC Fund) today signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilise funds for renewable energy investments. The OPEC Fund plans to support the platform with up to USD 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. We are proud to announce the OPEC Fund's decision to join IRENA's ETAF Platform, which will significantly strengthen the Platform's role as an effective and agile mobiliser of capital for the most vulnerable economies."

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. It will help to progress an inclusive and just energy transition that leaves no one behind with investments, new technologies and knowledge sharing."

The ETAF platform, established by IRENA and backed by the United Arab Emirates, initially aimed to mobilise at least USD 1 billion of capital by 2030. Now, 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 USD 1.15 billion.

The partnership between the OPEC Fund and IRENA also further reinforces the platform's global reach and impact in attracting interest from other international financing institutions, multilateral development banks, development financial institutions, donors, and corporate sector entities.