Arab News, Thurs, Nov 30, 2023 | Jumada Al-Uola 16, 1445
UAE supports global energy transition projects with $350m
Renewable energy projects in emerging economies are set to receive a 1.3
billion dirhams ($350 million) financial injection from the UAE’s
This announcement came as the Emirates Development Bank and the
International Renewable Energy Agency signed a collaborative partnership
This involves the Energy Transition Accelerator Financing Platform, an
international renewable energy agency multi-stakeholder body aimed at
expediting financing for projects in developing nations and facilitating
funding for such initiatives, as reported by the UAE news agency, WAM.
The deal was inked by Ahmed Mohamed Al-Naqbi, EDB’s CEO and Ahmed Badr,
director of IRENA’s project facilitation and support division. The signing
was attended by Sultan Al-Jaber, minister of industry and advanced
technology, UN Climate Change Conference president and chairman of EDB, and
Francesco La Camera, IRENA’s director general.
Under the agreement, EDB will offer financing for projects endorsed by IRENA
that align with the Paris Agreement and the UN Sustainability Development
Goals through the ETAF Platform. EDB will leverage its project financing
expertise and engage in collaboration with other ETAF partners to secure
funding for the suggested projects.
Al-Jaber said that they are very pleased to sign “this timely agreement with
IRENA, just days ahead of COP28, where we will rally the world around the
goal of keeping 1.5 degrees Celsius within reach,” adding that the event
marks the first global stocktake since the Paris Agreement.
He further noted that the agreement is a significant milestone in providing
adequate climate financing to drive global investments that meet the 2030
global goals and fast-track a just, equitable, orderly, and responsible
“The UAE is one of the largest investors globally in renewable energy,
having invested over 183 billion dirhams in renewable energy projects in 70
countries. Therefore, as a key enabler of the UAE’s national development and
diversification agenda, EDB continues to drive investments to accelerate the
deployment of renewable energy and drive economic growth,” Al-Jaber said.
He emphasized that the EDB-IRENA agreement reflects the nation’s commitment
to bolster global collaboration and scale up financing of renewable energy
projects to achieve global climate goals. “We are proud of this new
collaboration which will scale up climate change mitigation and adaptation
efforts on the road to COP28 and beyond,” Al-Jaber explained.
The new agreement reinforces the long-term partnership between the UAE and
IRENA. It underscores the country’s commitment to contribute 1.46 billion
dirhams in funding from the Abu Dhabi Fund for Development to support ETAF’s
objective of mobilizing funds. The goal is to achieve an additional
deployment of 1.5 gigawatts of clean renewable energy generation and storage
IRENA’s director general emphasized that rapidly falling costs have
positioned renewable energy as the most cost-effective climate solution.
This development addresses the challenge of rising emissions and the
increasing demand for energy.
“This is why, together with the COP28 presidency, we are advocating for a
tripling of global renewable power by 2030, a key step to limit temperature
rise to 1.5 degrees Celsius,” Camera said.
Al-Naqbi expressed the commitment to support the nation’s aspirations for a
just, equitable, orderly, and responsible energy transition.
“EDB offers bespoke financing solutions to support businesses addressing the
challenges and opportunities in the renewables sector. 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,” he said.
Al-Naqbi added that through the ETAF platform, they will cultivate a robust
pipeline of bankable renewable energy projects and support entrepreneurs in
bringing high-quality, sustainable, and financially viable clean energy
businesses to the market.
“This will not only help EDB deliver strong economic, social and
environmental impact, but will consolidate the UAE’s position as a
pioneering global hub for renewable energy technology and manufacturing,” he