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CDP and IRENA sign agreement on renewable energy in developing countries

The International Renewable Energy Agency (IRENA) has signed an agreement with Cassa Depositi e Prestiti S.p.A (CDP), the Italian financial services institution for economic development under the Ministry of Economy and Finance. The agreement aims to foster joint initiatives to promote the transition to renewable energy in developing countries and the partnership will also seek to improve global access to clean energy and accelerate decarbonisation.

The International Renewable Energy Agency (IRENA) has signed an agreement with Cassa Depositi e Prestiti S.p.A (CDP), the Italian financial services institution for economic development under the Ministry of Economy and Finance. The agreement – signed by Antonella Baldino, Chief International Development Finance Officer, CDP (left) and Francesco La Camera, Director-General, IRENA – aims to foster joint initiatives to promote the transition to renewable energy in developing countries and seeks to improve global access to clean energy (photo courtesy IRENA).

Within the framework of the agreement, signed during IRENA’s 10th Assembly in Abu Dhabi, United Arab Emirates (UAE), the two parties will jointly support the implementation of replicable, scalable and transformative renewable energy projects, aimed at realizing the United Nations 2030 Agenda for Sustainable Development.

We have entered a decade in which we must pursue sustainable development goals and climate objectives with increased urgency. Key to success will be our ability to mobilize the capital necessary to transition the energy system from traditional to renewable sources. Agreements such as this represent a positive step towards these goals and reinforce the investment community’s commitment accelerating the transition, said IRENA Director-General Francesco La Camera.

The partnership seeks to promote renewable energy technologies in 180 countries supporting each country to pursue its full renewable energy potential whilst positioning renewables as the key to a sustainable future. CDP is a financial institution that supports international cooperation and invests in developing countries to crowd-in private capital.

It is necessary to have a collective commitment for the achievement of the 2030 United Nations Agenda objectives and, in particular, to foster renewable energy, in view of the global scale of the energy transition. This is the decisive challenge for our generation and the agreement we have signed is an important step towards sustainable, long-lasting and inclusive growth, stated Antonella Baldino, Chief International Development Finance Officer, CDP.

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