The International Renewable Energy Agency (IRENA) and the European Bank for Reconstruction and Development have signed a Memorandum of Understanding (MoU) allowing the two organisations to strengthen their relationship and accelerate efforts to rapidly increase the share of renewable power in EBRD countries of operation.
The partners agreed to cooperate more closely in delivering technical assistance and capacity building to create the enabling framework for rapid growth of renewable energy and to develop a pipeline of bankable renewable energy projects for financing by private investors and the EBRD and other partners.
“EBRD and IRENA share a common objective to promote the use of renewable energy. With this MOU we formalise our already strong partnership leveraging our respective strengths to attract investments and accelerate the much-needed energy transformation in our countries of operation,” said EBRD Managing Director for Sustainable Infrastructure Nandita Parshad, who signed the MoU for the regional development bank during the 10th IRENA Assembly in Masdar City, Abu Dhabi.
Director-General Francesco La Camera signed for IRENA. He said: “Today’s strategic partnership unites IRENA’s knowledge excellence on renewables with EBRD’s global portfolio to promote renewable energy investment. Through cooperation with partners on the Climate Investment Platform CIP we have started working towards unlocking the much-needed financial resources for clean energy transition, particularly in developing countries. By addressing the key risks and barriers that hinder the scale-up of renewable investment, we will accelerate the low-carbon energy transition and promote sustainable growth.”
To date, the EBRD has signed €30 billion in green investments, financed over 1600 green projects and reduced over 100 million tonnes of carbon emissions each year.
In 2019 alone, the Bank financed over 1.5GW of new renewable power and aims to exceed this in 2020.
Original source: EBRD
Published on 12 January 2019
