Fourth Meeting of the Collaborative Framework on Project Facilitation

Meeting the international climate and development objectives requires a massive re-allocation of capital towards low-carbon technologies, including renewables, as well as the mobilisation of all available capital sources. An estimated USD 150 trillion will need to flow into the energy system by 2050, prioritising technology avenues compatible with a pathway to keep global temperature rise within 1.5 degrees Celsius (^°C), the goal set under the 2015 Paris Agreement.

The UAE Consensus, adopted by all countries at COP 28 in Dubai in 2023, calls on Parties to the United Nations Framework Convention on Climate Change to contribute to a tripling of renewable power capacity globally and a doubling in the global average annual rate of energy efficiency improvements by 2030. The pledge to triple renewables by 2030, championed by the UAE COP 28 Presidency, is aligned with IRENA’s World Energy Transitions Outlook (WETO) scenario on how to close the energy transition gap to stay on a 1.5^°C pathway. A collaborative, multi-stakeholder approach will be crucial in achieving this goal.

IRENA’s Project Facilitation and Support (PFS) offers members dedicated project implementation support by building strong lines of co-operation in the deployment of energy transition projects, helping project developers secure financing more efficiently, and supporting investors and lenders to build stronger project portfolios.

IRENA is overseeing two initiatives dedicated to Project Facilitation and Support: the Energy Transition Accelerator Financing Platform (ETAF) and the Climate Investment Platform (CIP). Both the CIP and the ETAF are inclusive, multi-stakeholder climate finance platforms, which pursue facilitating capital mobilisation to scale up the project development and to advance the energy transition across developing markets. IRENA is leveraging these platforms to facilitate the mobilisation of financial resources, directing them towards a diversified pipeline of renewable energy and energy transition projects.

IRENA's primary goal in project facilitation is to assist its members in implementing their Nationally Determined Contributions (NDCs) by promoting the mobilisation of finance towards renewable energy projects through CIP and ETAF. IRENA Members could significantly benefit from the outcomes of IRENA project facilitation work by directing ongoing renewable energy projects within their countries toward these Platforms.

The objective of the fourth Collaborative Framework meeting was to establish a technical-level collaboration between IRENA and government offices and institutions responsible for implementing renewable energy projects within their respective countries, aiming to further enhance Members' understanding and utilization of IRENA's project facilitation tools. Creating a direct line of communication at the technical level will increase the attractiveness of the Agency’s platforms to facilitate more financing opportunities for Members’ projects’ pipelines.

Government representatives responsible for advancing renewable energy projects in their countries were encouraged to attend the meeting and to engage in ongoing discussions with the IRENA Secretariat. This technical-level collaboration between IRENA and its Members helped fully unlock the potential of the CIP and ETAF, thereby maximizing their impact in the global endeavour to promote sustainable and renewable energy solutions while opening up new markets for renewable energy in the developing countries.

The event was by invitation only.

For more information please contact cfpfs@irena.org.