IRENA, Bloomberg Philanthropies partner on renewable access in emerging economies
The International Renewable Energy Agency (IRENA) said a new collaboration with Bloomberg Philanthropies would enable the global community to improve access to renewable energy, especially in developing and emerging economies.
The move, coming ahead of the 2023 UN Climate Change Conference, is expected to strengthen IRENA’s Energy Transition Accelerator Financing Platform to deliver a pipeline of bankable renewable energy projects.
IRENA, in a release noted that the development would enable capital mobilisation in emerging markets and developing economies.
The deal, announced in the presence of President-Designate of COP28, Dr. Sultan Al Jaber, Director-General of IRENA, Francesco La Camera and UN Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies, Michael Bloomberg, would create widespread adoption of renewable energy and reduce political, technical, and financial barriers to the energy transition.
According to the agency, the development would lead to the building of capacities in Southeast Asia, Africa, and Latin America, thereby deepening IRENA’s capacity to design tailor-made, scalable renewable energy initiatives through policy recommendations, technical support, and financing solutions toward accelerated decarbonisation and stronger climate resilience for lives and livelihoods.
The deal would also strengthen project finance and preparation by bolstering the Energy Transition Accelerator Financing (ETAF) Platform.
IRENA said the collaboration would facilitate private capital mobilisation in the lead-up to COP28 – in partnership with the Glasgow Financial Alliance for Net Zero (GFANZ).
The agency said Bloomberg Philanthropies and IRENA would work together toward the goal of presenting readily investable energy transition projects to financial institutions that have committed to net zero and seek to increase investments in climate solutions in developing countries.