ETAF benefits from the institutional convening power of IRENA, the United Arab Emirates (UAE), and Abu Dhabi Fund for Development (ADFD), their commitment to accelerate deployment of low-carbon proven technologies, and track record of the IRENA-ADFD Facility implemented during 2013-2020.
The IRENA/ADFD Facility co-financed 26 renewable projects in 21 developing countries, creating socioeconomic and climate resilience benefits for over 4 million people in their communities.
The UAE via the ADFD anchors the ETAF with an allocation of USD 400 million to support renewable energy projects in developing countries, members of IRENA. IRENA will manage the ETAF platform and facilitate the Funding Partners access to a pipeline of project opportunities.
- Financing the initial deployment of approximately 1.5 GW of renewable energy projects. ETAF aims to grow the implementation of renewable energy technologies to 5 GW to 2030.
- Supporting the implementation of ambitious National Determined Contributions (NDCs) to meet the Paris Agreement targets (addressing mitigation, adaptation and climate resilience) and contribute to the realisation of United Nations Sustainable Development Goals (SDGs), while serving strategic national objectives such as energy access and security, economic diversification and sustainable impact.
- Building and channelling a robust pipeline of investment-ready projects from IRENA's member countries, with a keen focus on developing countries.
- Matchmaking funding of RE projects, subject to ETAF’s Funding Partners’ due diligence and credit approval processes.
- Capitalizing on the complementarities of the Funding Partners resulting in innovative financial solutions to scale up renewable energy technologies.