Austria – The OPEC Fund for International Development (OPEC Fund) and the International Renewable Energy Agency (IRENA) are stepping up their efforts to promote renewable energy investment and open up access to sustainable finance in emerging and developing economies.
Both parties agreed to mobilize funding, unlock investment, and support project development on the ground in pursuit of the shared goal of a just, inclusive, and equitable energy transition in line with the 2030 Agenda for Sustainable Development and the Paris Agreement.
Practically speaking, both parties will work closely together to support project developers with technical assistance and capacity building, building a pipeline of bankable projects that are prepared for funding. They will also make an effort to draw in prospective investors. The parties will also consider working together on initiatives from the OPEC Fund, such as the upcoming Energy Access and Transition Trust Fund, the Climate Investment Platform (CIP), and the IRENA-managed Energy Transition Accelerator Financing (ETAF) Platform.