UAE - Mubasher: The UAE and the International Renewable Energy Agency (IRENA) has launched the Energy Transition Accelerator Financing (ETAF) Platform, a new global climate finance facility, the Emirates News Agency (WAM) reported.
Launched on the sidelines of COP26 in Glasgow in the UK, the new platform aims to accelerate the energy transition in developing countries by financing renewable energy projects.
The Abu Dhabi Fund for Development (ADFD) committed $400 million to the platform which aims to raise a minimum of $1 billion in total funding.
Managed by IRENA from its Abu Dhabi headquarters, ETAF seeks to mobilise an additional $2 billion in energy transition investments to target a total deployment of 1.5 GW of clean renewable energy generation and storage by 2030.
The UAE Minister of Foreign Affairs and International Cooperation and Head of the UAE delegation to the 26th Conference of Parties to the United Nations Framework Convention on Climate Change - UNFCCC (COP26), Sheikh Abdullah bin Zayed Al Nahyan, said: "As a signatory to the United Nations Framework Convention on Climate Change (UNFCCC), the UAE fundamentally believes, we must work together globally, in partnerships, to mitigate the effects of climate change."
Meanwhile, the UAE Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Change, Sultan bin Ahmed Al Jaber, commented: "The UAE views development aid and climate action as powerful catalysts for economic growth, both domestically and internationally. Today’s announcement will help to advance the economies of partner countries by providing reliable, low-cost renewable energy for businesses, industry, and homes."
