The OPEC Fund for International Development (the OPEC Fund) today signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilize funds for renewable energy investments. The OPEC Fund plans to support the platform with up to US$250 million in financing until 2030 for renewable energy solutions in its partner countries.

OPEC Fund Director-General Abdulhamid Alkhalifa and Francesco La Camera, Director-General of IRENA, signed the agreement in Vienna on the sidelines of the OPEC Fund Development Forum. The OPEC Fund head said: “This collaboration marks an important milestone in our joint efforts to tackle the twin challenges of climate change and energy poverty via this innovative platform. It will help to progress an inclusive and just energy transition that leaves no one behind with investments, new technologies and knowledge sharing."

Francesco La Camera said: “Accelerating a renewables-based energy transition is imperative in the fight against climate change, as it enables us to simultaneously tackle pressing energy challenges and alleviate persistent social inequalities. We are proud to announce the OPEC Fund’s decision to join IRENA’s ETAF Platform, which will significantly strengthen the Platform’s role as an effective and agile mobiliser of capital for the most vulnerable economies.”

The ETAF platform, established by IRENA and backed by the United Arab Emirates, initially aimed to mobilize at least US$1 billion of capital by 2030. Now, with the commitment from the OPEC Fund and contributions from all other existing ETAF partners, this initial target has been surpassed, with total commitments amounting to US$ 1.15 billion. The partnership between the OPEC Fund and IRENA also reinforces the platform's global reach and ability to attract interest from other international financing institutions, multilateral development banks, development financial institutions, donors, and corporate sector entities.

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About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$24 billion to development projects in over 125 countries with an estimated total project cost of US$190 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.

About the International Renewable Energy Agency (IRENA)

IRENA is the lead intergovernmental agency for the global energy transformation that supports countries in their transition to a sustainable energy future, and serves as the principal platform for international co-operation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewable energy. With 168 Members (167 States and the European Union) and 16 additional countries in the accession process and actively engaged, IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity.