(MENAFN- Khaleej Times) Abu Dhabi Fund for Development (ADFD) has been supporting the country's effort towards driving energy transition at home and around the world by financing innovative renewable-energy projects.
These initiatives have had powerful impact on the economies and the environment of beneficiary countries.
The fund has consistently increased its portfolio of such projects, having funded 90 of them over a decade at a total value of about Dh4.7 billion ($1.3 billion). Cumulatively generating 9,755MW of electricity, these projects benefited 65 countries by supporting their economies and improving the quality of life.
Mohammed Saif Al Suwaidi, director-general of the fund, expressed gratitude to the UAE's leadership in investing in the just cause. 'Such initiatives form the core of development and the UAE realised that years ago, which prompted it to host the headquarters of the International Renewable Energy Agency (Irena), he said.
In 2013, ADFD in collaboration with Irena launched an initiative with a commitment of Dh1.28 billion ($350 million) to support renewable energy projects in developing countries. Since then, the initiative led to the production of about 208MW of clean energy through 32 projects in 26 countries that gave more than a million people access to clean and affordable energy. The projects also improved health and education services, stimulated economic development and helped protect the environment.
UAE-Pacific partnership fund
In the same year, the UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) launched the UAE-Pacific Partnership Fund with an aim to step up the UAE's development cooperation with the Pacific island countries across a variety of sectors. The scheme supported renewable energy projects through the allocation of grants with a total value of Dh184 million (US$50 million), financed by ADFD, and implemented by Masdar. The initiative included 10 solar photovoltaic (PV) projects and one wind farm, which collectively produces a total 5.7MW energy, thus meeting most of the islands' energy needs.
The projects produced multiple benefits, including savings of US$3.77 million per year on fossil fuel, and reduction of 8,447 tonnes of carbon emission per year.
The UAE-Caribbean Renewable Energy Fund
The Dh184 million ($50 million) initiative was launched to deliver renewable energy projects across 16 Caribbean Island nations to help reduce reliance on fossil-fuel imports, increase energy access, and enhance climate change resilience. Fully financed by ADFD, the UAE-CREF is the largest renewable energy initiative of its kind in the Caribbean region. The fund is a partnership between MoFAIC, ADFD and Masdar. The 9.4MW projects carried out by the Fund have contributed to addressing the challenges faced by Caribbean countries. — Wam
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