IRENA, Africa 50 Fund partner to promote renewable energy projects in Africa
Date
6/26/2024 6:00:54 AM
(MENAFN) On Tuesday, the International renewable energy Agency (IRENA) and the Africa 50 Fund announced a strategic cooperation agreement aimed at advancing renewable energy deployment across Africa. The Africa 50 Fund, known for its focus on infrastructure investments throughout the continent, has pledged up to USD100 million to finance energy transition projects under the Energy System Transformation Acceleration Platform (ETAF). This partnership underscores a collective commitment to accelerating the adoption of renewable energy sources, crucial for sustainable development and climate mitigation efforts across Africa.
The agreement, formalized during the OPEC Fund Development Forum in Vienna, marks a pivotal moment in collaborative efforts between international organizations and regional financiers. Francesco La Camera, Director-General of IRENA, and Alain Ebobisse, CEO of the Africa 50 Fund, officiated the signing, highlighting the joint commitment to promoting renewable energy solutions as a cornerstone of Africa's development agenda. This initiative not only aims to expand access to clean energy but also to bolster resilience against climate change impacts, addressing key challenges facing the continent.
By pooling resources and expertise, IRENA and the Africa 50 Fund are poised to play a crucial role in facilitating sustainable energy transitions across Africa. The partnership not only seeks to attract investment in renewable energy infrastructure but also to catalyze broader economic benefits and enhance energy security for African nations in the face of global environmental challenges.
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