Joint initiative with IRENA to rapidly increase share of renewable power in EBRD countries
The International Renewable Energy Agency (IRENA) and the European Bank for Reconstruction and Development 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, helping minimise climate impact and use electricity more sustainably.
The partners agreed both to cooperate more closing on developing and delivering technical assistance to support the continued growth of renewable energy, and to develop a pipeline of bankable renewable energy projects that can be financed by the EBRD as well as other financing partners.
“We come together with our partners to harness our strengths and put them to work to deliver investments. It is this kind of action that we expect will make a difference,” said EBRD Managing Director for Sustainable Infrastructure Nandita Parshad, who signed the deal for the regional development bank during the 10th IRENA Assembly in Masdar City, Abu Dhabi.
Director-General Francesco La Camera signed for IRENA. He said: “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 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.”
IRENA is the lead intergovernmental agency for the energy transformation. The mission of the 161-member agency 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. Founded in 2009, it is the first international organisation to focus exclusively on renewable energy, addressing needs in both industrialised and developing countries.
The EBRD is a pioneer in financing projects promoting renewable energy and combating 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 €30 billion in green investments, financed over 1600 green projects and reduced over 100 million tonnes of carbon emissions each year. In 2019 alone, the Bank financed over 1.5GW of new renewable power, and aims to exceed that in 2020.