Tuesday, 02 January 2024 12:17 GMT

IRENA And Global Climate Finance Center Become Strategic Partners


(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 30. The International Renewable energy Agency (IRENA) and the Global Climate Finance Center (GCFC, an independent organization) have announced a strategic partnership to scale up climate finance and renewable energy initiatives worldwide, Trend reports via IRENA.

“This collaboration will leverage synergies between IRENA and GCFC in various work streams, including market analytics and joint initiatives. Along with other key stakeholders in the climate space, the partnership aims to deliver innovative solutions that increase the scale, accessibility, and financial acceptability of climate finance globally,” the information notes.

The information recalls that GCFC contributes to building an ecosystem that enables investment in low-carbon, sustainable, and reliable projects by bringing together cutting-edge research, market innovations, capacity-building programs, and practical initiatives to scale climate investments globally, with a particular focus on emerging and developing markets.

The partnership will comprise collaborative work in the following three areas:

- Research and innovation: the parties will jointly conduct market research and analysis to develop cutting-edge ideas and innovative solutions on key topics driving current and future global climate finance flows, including risk mitigation mechanisms, green industrialization opportunities, carbon markets, and policy innovation, among others;

- Capacity building and technical assistance: both institutions aim to increase climate decision-making by strengthening local capabilities. Their joint work will include building a strong framework for renewable energy and related infrastructure policies and regulations;

- Practical coalitions and project portfolio financing: the parties will work together to promote partnerships and practical initiatives with natural synergies. Specifically, this includes supporting African countries in the energy transition through IRENA's Accelerated Partnership for Renewables in Africa (APRA) mechanism and the Africa Green Investment Initiative (AGII), organized by GCFC.

The sides will also collaborate to co-create and co-host events, including workshops, share knowledge, connect climate investors, build and strengthen partnerships, and promote innovative renewable energy financing solutions to improve the uptake of global climate investments.

IRENA Director-General Francesco La Camera finds that progress in the energy transition remains uneven in different regions of the world, mainly due to a lack of access to affordable finance.

“Our strategic partnership with GCFC aims to address these inequalities by strengthening financial flows, building capacity, and fostering innovation where it is most needed,” the head of IRENA pointed out.

The general director of the Global Climate Finance Center, Mercedes Vela Monserrate, stated that the collaboration aims to enable countries and communities to implement effective climate solutions and build a more sustainable future.

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