A Memorandum of Understanding signed today in Vienna by IRENA’s Director-General Francesco La Camera and the Director-General of the OPEC Fund, Dr Abdulhamid Alkhalifa, formalised the cooperation.
The two organisations said in a joint statement they have agreed to mobilise finance, unlock investment and support project development on the ground under a common objective of a just, inclusive and equitable energy transition aligned with the 2030 Agenda for Sustainable Development and the Paris Agreement.
“Our cooperation with the OPEC Fund will help unlock much needed capital in developing countries to bring economic growth, sustainable prosperity and jobs to people through renewables projects on the ground,” IRENA’s Director-General Francesco La Camera said.
OPEC Fund Director-General Abdulhamid Alkhalifa added: “Our cooperation with IRENA will help provide the necessary funds and facilitate access to innovative financing solutions, knowledge and technologies, as well as technical assistance for project development and capacity building to support the energy transition in our partner countries, particularly in Africa.”
Both sides will closely collaborate to provide technical assistance and capacity building to project developers, creating a pipeline of bankable projects ready to be financed. They will also work to attract potential investors.
The parties will also explore cooperation under the IRENA-managed Energy Transition Accelerator Financing (ETAF) Platform, the Climate Investment Platform (CIP), and OPEC Fund initiatives such as the planned Energy Access and Transition Trust Fund.
Both sides will also closely collaborate at UN Climate Conferences COP27 in Egypt in November 2022 and COP28 in the United Arab Emirates in November 2023.