03 | THE RESULTS – OTHER FUNDING
POWERING THE ENERGY TRANSITION WITH IRENA
The OPEC Fund’s grant-financing facility enables the institution to pool resources with a range of partners to deepen impact across the board. In 2023, the OPEC Fund signed US$9.2 million in grant commitments, supporting partner countries worldwide.
An increasingly important instrument for multilateral development banks, grants fund a range of major milestones across project lifecycles: from feasibility studies to pilot programs to rollout assistance to final evaluations. On the eve of the second OPEC Fund Development Forum in June 2023, President Abdulhamid Alkhalifa signed an agreement with Francesco La Camera, his counterpart at the International Renewable Energy Agency (IRENA), to join the Energy Transition Accel- erator Financing (ETAF) platform, a global initiative to mobilize funds for renewable energy investments. The OPEC Fund aims to support projects coming through this platform — in partner countries — with up to US$250 million in financing by 2030. Established by IRENA with backing from the United Arab Emirates (UAE), ETAF initially aimed to mobilize at least US$1 billion of capital for renewable energy projects by 2030. However, with the commitment of the OPEC Fund and contributions from other ETAF partners, the initial target was quickly surpassed by the summer of 2023, with further substantial contributions received at the UN Climate Change Conference (COP28) in Dubai. The newly signed agreement between the OPEC Fund and IRENA demonstrates the power of partnerships in the energy transition. It reinforces ETAF’s global reach and ability to attract interest from other international financing institutions, multilateral development banks, development financial institutions, donors, and corpo- rate sector entities.
WALID MEHALAINE OPEC Fund Head of Grants and Technical Assistance
ETAF has successfully mobilized more than US$4 billion in funding pledges from its partners, which is a testament to the shared vision among stakeholders. As we confront the urgent need for a global energy transition, the establishment of these inclusive, multi-stakeholder climate finance platforms reaffirms our collective commitment to advancing renewable energy projects worldwide. Joining ETAF is another concrete expression of our genuine commitment to tackling the twin challenges of climate change and energy poverty!
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