UAE invests $400 million in Energy Transition Accelerator Financing (ETAF)
H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Head of the UAE delegation to the 26th Conference of Parties to the United Nations Framework Convention on Climate Change – UNFCCC (COP26), attended today the official launch ceremony of the Energy Transition Accelerator Financing (ETAF) Platform, a new global climate finance facility to accelerate the transition to renewable energy in developing countries.
The UAE and the International Renewable Energy Agency (IRENA) today announced the launch of the global platform on the sidelines of COP26, in Glasgow, the United Kingdom.
The UAE committed US$400 million in funding provided by the Abu Dhabi Fund for Development (ADFD) toward the platform’s goal of securing a minimum of US$1 billion in total funding.
Sheikh Abdullah bin Zayed Al Nahyan said, “The new ETAF platform reinforces our long-standing commitment to support positive climate action in developing and vulnerable countries. As a signatory to the United Nations Framework 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 assisting other nations to benefit from the significant advantages of renewable energy.”
The new UAE-IRENA partnership to establish the ETAF platform builds on the long-term collaboration between IRENA and ADFD, which includes seven cycles of the USD 350 million IRENA-ADFD Project Facility. Between 2013 and 2020, the facility financed 26 projects in Asia, Africa, and the Americas, notably including Small Island Developing States.
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