The International Renewable Energy Agency (IRENA) has collaborated with Africa50, a prominent pan-African infrastructure investment platform, as part of its Energy Transition Accelerator Financing (ETAF) initiative. Africa50 has committed $100 million to support and co-finance renewable energy infrastructure projects through the ETAF platform.
This commitment was formalized during the OPEC Fund for International Development (OFID) Development Forum, marking a significant step forward in Africa’s pursuit of sustainable development and climate action.
The ETAF platform, initiated in 2021 with backing from the United Arab Emirates, aims to expedite the implementation of renewable energy projects critical to achieving the Nationally Determined Contributions (NDCs) set by developing countries under the Paris Agreement. These projects enhance energy access and security, fostering economic growth and diversification.
With Africa50’s involvement, the ETAF platform now includes 14 partners with collective commitments totaling $4.15 billion, positioning it as a leading global financing platform for renewable energy transition.
The ETAF platform is supported by a diverse group of partners, including development financiers like OFID, the Abu Dhabi Fund for Development (ADFD), the Inter-American Development Bank (IDB), the European Bank for Reconstruction and Development (EBRD), the Emirates Development Bank (EDB), and the Asian Infrastructure Investment Bank (AIIB). Additionally, the International Finance Corporation (IFC) and energy companies like Masdar from the UAE are key contributors to the platform.
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