- Media Center
- Press releases
- IRENA and OPEC Fund Join Forces to Unlock Investment in Energy Transition
IRENA and OPEC Fund Join Forces to Unlock Investment in Energy Transition
The International Renewable Energy Agency (IRENA) and the OPEC Fund for International Development (OPEC Fund) are ramping up efforts to advance renewable energy investment and enable access to sustainable finance in emerging and developing economies.
A Memorandum of Understanding signed today in Vienna by IRENA’s Director-General Francesco La Camera and the Director-General of the OPEC Fund, Dr Abdulhamid Alkhalifa, formalises the cooperation. In pursuit of the common objective of a just, inclusive and equitable energy transition aligned with the 2030 Agenda for Sustainable Development and the Paris Agreement, both sides agreed to mobilise finance, unlock investment and support project development on the ground.
IRENA’s Director-General Francesco La Camera said: “The global energy transition must dramatically accelerate. To achieve net zero and universal energy access, our World Energy Transitions Outlook shows that we must nearly treble the speed of deployment of renewables and massively redirect investment towards transition. Our cooperation with the OPEC Fund will help unlock much needed capital in developing countries to bring economic growth, sustainable prosperity and jobs to people through renewables projects on the ground.”
OPEC Fund Director-General Abdulhamid Alkhalifa added: “We promote an inclusive and just energy transition that leaves no one behind. Our cooperation with IRENA will help to provide the necessary funds and facilitate access to innovative financing solutions, knowledge and technologies, as well as technical assistance for project development and capacity building to support the energy transition in our partner countries, particularly in Africa.”
At a practical level, both sides will closely collaborate to provide technical assistance and capacity building to project developers, creating a pipeline of bankable projects ready to be financed. They will also work to attract potential investors.
The parties will also explore cooperation under the IRENA-managed Energy Transition Accelerator Financing (ETAF) Platform, the Climate Investment Platform (CIP), and OPEC Fund initiatives such as the planned Energy Access and Transition Trust Fund.
Both sides will also closely collaborate at UN Climate Conferences COP27 in Egypt in November 2022 and COP28 in the United Arab Emirates in November 2023.
About the International Renewable Energy Agency (IRENA)
IRENA is the lead intergovernmental agency for global energy transformation that supports countries in their transition to a sustainable energy future and serves as the principal platform for international co-operation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewables.
With 167 Members (166 States and the European Union) and 17 additional countries in the accession process and actively engaged, IRENA promotes the widespread adoption and sustainable use of all forms of renewables in pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity.
Contact: IRENA: Nicole Bockstaller, Communications Officer, firstname.lastname@example.org +971 2 417 9951.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA/A-1+, Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.
Contact: OPEC Fund: Basak Pamir, Senior Communication Officer, B.Pamir@opecfund.org, +43 1 515 641 74.