During the 10th IRENA Assembly in Masdar City, Abu Dhabi, at United Arab Emirates, the International Renewable Energy Agency and the European Bank for Reconstruction and Development signed a Memorandum of Understanding (MoU) on 12 January allowing the two organisations to strengthen their relationship and accelerate efforts to rapidly increase the share of renewable power in EBRD countries of operation.

According to the EBRD, the partners agreed to cooperate more closely in delivering technical assistance and capacity building to create the enabling framework for rapid growth of renewable energy, and to develop a pipeline of bankable renewable energy projects for financing by private investors and the EBRD and other partners.

“EBRD and IRENA share a common objective to promote the use of renewable energy. With this MOU we formalise our already strong partnership leveraging our respective strengths to attract investments and accelerate the much-needed energy transformation in our countries of operation,” said EBRD Managing Director for Sustainable Infrastructure Nandita Parshad, who signed the MoU for the regional development bank.

IRENA Director-General Francesco La Camera signed for IRENA. “Renewables are the only readily available solution that will enable sustainable economic growth, close the energy and infrastructure gap and meet our climate and development ambitions at the same time,” he said. “Today’s strategic partnership unites IRENA’s knowledge excellence on renewables with EBRD’s global portfolio to promote renewable energy investment. Through cooperation with partners on the Climate Investment Platform CIP we have started working towards unlocking the much-needed financial resources for clean energy transition particularly in developing countries. By addressing the key risks and barriers that hinder the scale-up of renewable investment, we will accelerate the low-carbon energy transition and promote sustainable growth,” La Camera added.

Through its Green Economy Transition (GET) approach, under which the EBRD is increasing green financing to 40% of its annual business volume by 2020, the Bank is helping countries where it works build low carbon and resilient economies.