ETAF benefits from the institutional convening power of International Renewable Energy Agency (IRENA), the United Arab Emirates (UAE), and the Abu Dhabi Fund for Development (ADFD), their commitment to scaling the implementation of low-carbon proved technologies, including renewable energy sources, and the 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 from 2014-2020.
At COP26, the UAE announced support for IRENA’s multi-stakeholder platform, the Energy Transition Accelerator Financing -ETAF- platform, anchoring it with USD 400 million dedicated to implementing renewable energy projects to accelerate the energy transition in emerging economies.
IRENA will operate and maintain the ETAF platform from accepting project registration and submission, projects eligibility and scoring criteria for project recommendation to ETAF’s funding partners.
- Facilitating ETAF’s funding partners' capital mobilisation to initially scale approximately 1.5 GW of renewable energy projects. ETAF aims to grow the implementation of renewable energy technologies to 5 GW by 2030.
- Supporting the implementation of ambitious National Determined Contributions (NDCs) to meet the Paris Agreement targets (addressing mitigation, adaptation and climate resilience). 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.
- Facilitating the funding of RE projects, subject to ETAF’s Funding Partners’ due diligence and credit approval processes.
- Capitalising on the complementarities of the Funding Partners, resulting in innovative financial solutions to scale up renewable energy technologies.