Abu Dhabi-headquartered International Renewable Energy Agency (IRENA) – an intergovenment effort launched during the UN Climate Action Summit in September 2019 – has entered its operational phase calling for renewable energy project developers to register suitable projects via a purpose-built portal organised around 14 regional clusters.
The initiative was developed in response to the need to mobilise low-carbon, climate-resilient investments.
The registration for renewable energy project developers comes after the registrations for financial institutions, multilateral development banks, and development agencies, which took place during the launch of the initiative.
IRENA, together with its partners, SEforAll, UNDP, and in collaboration with Green Climate Fund, has also launched the Climate Investment Platform in order to increase the flow of capital to developing countries and scale up the development of renewable energy projects.
Since then, a number of financial institutions with growing interest in advancing energy transformation in developing countries have registered as partners of the initiative. Opportunities for financial partners to join the initiative remains open.
Commenting on the announcement, said IRENA director-general, Francesco La Camera, said: “Unlocking the finance needed to accelerate the global energy transformation towards climate and sustainable development goals is well recognised as being key to success. The capital needed to accelerate energy transformation is available and can be channeled into appropriate, high-impact, promising project opportunities.”
La Camera added: “With a number of strong partners behind the platform already, investors, governments and project proponents are now invited to join and present relevant low-carbon energy plans and investment opportunities.”
To further support the implementation of the Climate Investment Platform, IRENA will host a series of regional investment forums that are designed to connect registered project proponents and governments, with the financial partners to identify areas of cooperation, and develop strong enabling environments for renewable energy investments.
Projects that may be considered for support include renewable energy projects, renewables-based electricity grid projects, and energy efficiency projects.
The clusters are built around five sub-regions in Africa, four in Asia, and two in Latin America together with specific clusters for the Caribbean, Pacific islands, and Southeast Europe.
Project owners are encouraged to register their projects on the dedicated webpage under the corresponding regional cluster.
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