IRENA, Climate Investment Funds Partner to Advance Energy Transition

The Climate Investment Funds (CIF) and the International Renewable Energy Agency (IRENA) are joining forces to accelerate investment in clean energy globally as part of a new memorandum of understanding (MoU) signed yesterday during a virtual signing ceremony with CIF CEO Mafalda Duarte and IRENA Director-General Francesco La Camera.

Just days ahead of the UN’s Climate Conference CO26 in Glasgow, the new partnership sends a strong signal to the International community and affirms both parties’ commitment to raising climate ambition in pursuit of the Paris Agreement and UN Sustainable Development Goals, said IRENA. The organizations will leverage comparative advantages to scale up and support climate and smart development worldwide.

“The energy transition has become a cornerstone of the global response to climate change”, said Francesco La Camera, IRENA’s Director-General “while creating jobs, unlocking economic growth and sustainable development. I am confident that this new partnership between IRENA and CIF will help accelerate investment and ensure that all countries and regions can realise the benefits of the global energy transition for a resilient and more equitable world.”

Mafalda Duarte, CEO of the CIF said: “The Climate Investment Funds is proud to strengthen its collaboration with IRENA. Together our two organizations stand to redouble efforts in accelerating clean energy investment by promoting knowledge sharing and international cooperation.”

Under the MoU, CIF and IRENA will facilitate knowledge sharing on energy transitions to promote climate smart development. Joint analytical activities will foster evidence-based investment and policymaking on energy transition in cooperation with governments, the private sector, civil society, local communities and major multilateral development banks.

Stronger collaboration on regional and country level aims at increasing technical support and capacity building, lowering barriers to piloting new renewable technologies, opening up sustainable markets and mobilising private sector capital for energy transition. This is why CIF and IRENS have agreed to closer cooperation around accelerating clean energy investments globally.