The Energy Transition Accelerator Financing (ETAF) Platform is an inclusive, multi-stakeholder climate finance platform managed by IRENA to advance the global energy transition in developing economies. Recently, the Inter-American Development Bank (IDB) has signed an agreement with the IRENA to join the ETAF platform, a global initiative that seeks to mobilise funds for Renewable Energy (RE) investments. As part of its commitment, the IDB plans to co-finance renewable energy projects and energy transition technologies in the Latin America and the Caribbean region, with an allocation of up to USD 100 million.
The ETAF platform, with support from the United Arab Emirates, initially aimed to mobilise USD 1 billion by 2030. However, with the involvement of new partners such as the IDB, this target was surpassed this year, with the platform’s capital commitment standing at USD 1.25 billion, exceeding the initial goal.
Commenting on the development, IRENA Director-General, Francesco La Camera said, “As the climate tipping point nears, the urgency for action on the energy transition has never been more pressing. We are very proud to announce that the IDB has joined our esteemed roster of ETAF partners. With their invaluable expertise and substantial resources, the IDB’s collaboration will have a profound impact in Latin America and the Caribbean, catalysing the energy transition and driving significant progress on energy access and security.”
Highlighting their climate commitment, IDB President, Ilan Goldfajn said, “As the IDB increases its climate ambition, we must mobilize more capital for low-carbon technologies. By joining IRENA’s important financing platform, we are taking another significant step to support Latin America and the Caribbean’s energy transition goals, so the region can be part of the solution to this global challenge.”
To foster knowledge sharing and capacity building, IRENA, in coordination with the IDB, will also host webinars, workshops, and other activities aimed at providing guidance on project selection criteria, presentation requirements, and financing matchmaking. These efforts will contribute to the realization of Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs) on the road to COP28.
