Africa50 has joined the Energy Transition Accelerator Financing (ETAF) of the International Renewable Energy Agency (IRENA). The platform has pledged to invest $100m in renewable energy in Africa.
Africa50 joins 13 other investors in the Energy Transition Accelerator Financing (ETAF) initiative. Alain Ebobissé, Director of the investment platform, and Francesco La Camera, Director General of the International Renewable Energy Agency (IRENA), the promoter of ETAF, signed a partnership agreement on the sidelines of the OPEC Fund for International Development (OFID) Development Forum in Vienna, Austria.
Africa50’s $100 million investment will be used to finance and co-finance energy transition projects and infrastructure based on renewable energies across Africa. The ETAF platform through which these infrastructures will be financed was launched 3 years ago with the support of the United Arab Emirates (UAE) to support the implementation of Nationally Determined Contributions (NDCs) in developing countries, through the deployment of clean energy.
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“The African continent must focus on the dual objective of reducing emissions and accelerating economic development. The investment and development of transformational renewable infrastructure is an essential step towards achieving the goal of carbon neutrality. IRENA’s ETAF platform will be an important springboard for increasing and accelerating our investments in renewable energy projects that will ultimately reduce the negative impact of climate change on our populations and contribute to building a more sustainable future”, said Alain Ebobissé after signing the partnership with IRENA.
In addition to Africa50, the Energy Transition Accelerator Financing platform is supported by a number of donors, including OFID, the Abu Dhabi Fund for Development (ADFD), the Inter-American Development Bank (IDB), the European Bank for Reconstruction and Development (EBRD), the Emirates Development Bank (EDB), the Asian Infrastructure Investment Bank (AIIB) and the International Finance Corporation (IFC), the private sector financing arm of the World Bank Group. There are also energy producers such as Masdar of the United Arab Emirates.
Jean Marie Takouleu
