The UAE and the International Renewable Energy Agency (Irena) have announced the launch of a Energy Transition Accelerator Financing (ETAF) Platform, a new global climate finance facility for accelerating the transition to renewable energy in developing countries.
The UAE has committed $400 million in funding provided by the Abu Dhabi Fund for Development (ADFD) toward the platform’s goal of securing a minimum of $1 billion in total funding.
The formal launch took place on the sidelines of the COP 26 United Nations Climate Summit in Glasgow in the presence of Sheikh Abdullah bin Zayed al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, together with the Prime Minister of Antigua and Barbuda Gaston Browne, President of the Maldives Ibrahim Mohamed Solih and President of Togo Faure Gnassingbé and UAE Special Envoy for Climate and Minister of Industry and Advanced Technology Dr. Sultan Al Jaber.
Sheikh Abdullah said: "The new ETAF platform reinforces our long-standing commitment to support positive climate action for economic growth in developing and vulnerable countries. As a signatory to the United Nations Convention on Climate Change (UNFCCC), the UAE fundamentally believes, we must work together globally, in partnerships, to mitigate the effects of climate change."
"The UAE is proud to act decisively in pushing forward a responsible, sustainability-led agenda, and in partnering with other nations to enable the significant benefits of renewable energy," he noted.
Dr Al Jaber said: "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."
"We are proud of this significant new contribution by the Abu Dhabi Fund for Development to accelerate climate action and deliver immediate economic benefits in the process. This is the kind of initiative that combines partnership, policy and finance to create tangible progress, and it is this focus on practical results that has motivated the UAE to offer to host COP 28 in 2023," he added.
Through co-financing, ETAF will aim to mobilize an additional $2 billion in energy transition investments, targeting a total deployment of 1.5 GW of clean renewable energy generation and storage by 2030. 
It will be managed by Irena from its Abu Dhabi headquarters, capitalizing on the UAE’s climate finance market and renewable energy innovation infrastructure. 
The new accelerator platform will help mitigate investment risks and finance renewable energy projects in developing countries that may otherwise struggle to secure sufficient capital.
Francesco La Camera, the Director-General of Irena, said: "We have reached a defining moment in our generation’s efforts to put our economies and our environment on a path to stability, resilience and shared prosperity. The energy transformation is the most attractive and effective tool we have to achieve that."
"This new investment platform reflects the UAE’s commitment to shaping a sustainable future, and Irena’s efforts to serve its over 180 member countries as an indispensable energy transformation partner. We encourage multilateral development banks, international financial institutions, governments, and private sector actors to join us in bolstering sustainable development efforts," he added.- TradeArabia News Service