Africa50 and the Energy Transition Accelerator Financing (ETAF) of the International Renewable Energy Agency (IRENA) have sealed a partnership worth US $100M to be invested in renewable energy in Africa.
This partnership was formalized by Alain Ebobissé, Director of Africa50, and Francesco La Camera, Director General of IRENA, during the OPEC Fund for International Development (OFID) Development Forum in Vienna, Austria.
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Energy transition goals
Africa50’s investment will support the financing and co-financing of renewable energy infrastructure across Africa, contributing to the continent’s energy transition goals. The ETAF platform, launched three years ago with the backing of the United Arab Emirates, aims to support developing countries in achieving their Nationally Determined Contributions (NDCs) by promoting clean energy deployment.
Alain Ebobissé emphasized the dual objective of reducing emissions and accelerating economic development, highlighting the importance of renewable infrastructure for achieving carbon neutrality and mitigating climate change impacts. He noted that IRENA’s ETAF platform would significantly boost Africa50’s investments in renewable energy projects, fostering a more sustainable future for the continent.
ETAF is supported by a diverse group 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. Additionally, energy producers like Masdar of the United Arab Emirates are part of the initiative.
