EBRD and IRENA sign MoU on cooperation
The European Bank for Reconstruction and Development (EBRD) and the International Renewable Energy Agency (IRENA) have signed a Memorandum of Understanding (MoU) allowing the two organisations to strengthen their relationship and accelerate efforts to rapidly increase the share of renewable power in EBRD countries of operation.
The partners agreed to cooperate more closely in delivering technical assistance and capacity building to create the enabling framework for the rapid growth of renewable energy and to develop a “pipeline of bankable renewable energy projects” for financing by private investors and the EBRD and other partners.
EBRD and IRENA share a common objective to promote the use of renewable energy. With this MOU we formalise our already strong partnership leveraging our respective strengths to attract investments and accelerate the much needed energy transformation in our countries of operation, said EBRD Managing Director for Sustainable Infrastructure Nandita Parshad, who signed the MoU for the bank during the 10th IRENA Assembly in Masdar City, Abu Dhabi, United Arab Emirates (UAE).
Founded in 2009, IRENA is the first international organisation to focus exclusively on renewable energy, addressing needs in both industrialised and developing countries and is the lead intergovernmental agency for energy transformation. The 161-member IRENA’s mission is to support the energy transition to renewables through knowledge and innovation, providing a global voice for renewables, a network hub and a source of advice for countries.
Renewables are the only readily available solution that will enable sustainable economic growth, close the energy and infrastructure gap and meet our climate and development ambitions at the same time. Today’s strategic partnership unites IRENA’s knowledge excellence on renewables with EBRD’s global portfolio to promote renewable energy investment. Through cooperation with partners on the Climate Investment Platform CIP, we have started working towards unlocking the much-needed financial resources for a clean energy transition, particularly in developing countries. By addressing the key risks and barriers that hinder the scale-up of renewable investment, we will accelerate the low-carbon energy transition and promote sustainable growth, said IRENA Director-General Francesco La Camera who signed for IRENA.
The EBRD is a pioneer in financing projects promoting renewable energy and combatting climate change and has become the largest renewable energy investor in its regions of Central and Eastern Europe, Central Asia and the Southern and Eastern Mediterranean.
Through its Green Economy Transition (GET) approach, under which the EBRD is increasing green financing to 40 per cent of its annual business volume by 2020, the Bank is helping countries where it works build low carbon and resilient economies.
To date, the EBRD has signed EUR 30 billion in green investments, financed over 1 600 green projects and reduced over 100 million tonnes of carbon emissions each year. In 2019 alone, the Bank financed over 1.5 GW of new renewable power and aims to exceed this in 2020.