Abu Dhabi Fund For Development Promotes Global Energy Transition At The 15th IRENA Assembly

Mohamed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development (ADFD), took part in the 15th International Renewable Energy Agency (IRENA) Assembly held in Abu Dhabi on January 12-13. This event gathered global leaders and energy decision-makers from various sectors to evaluate progress and devise strategies for accelerating the global energy transition.

The assembly's discussions centred on key enablers such as investments, energy planning, decarbonisation of end-use sectors, and renewable energy development. Al Suwaidi delivered a keynote speech during a panel titled "Innovative Sustainable Finance," emphasising the Fund’s dedication to advancing global renewable energy projects through its partnership with IRENA.

Al Suwaidi highlighted the achievements of the IRENA/ADFD Project Facility, which provided US$350 million in concessional financing over seven funding cycles from 2013 to 2020. This initiative supported 26 projects across Asia, Africa, and Latin America, significantly benefiting Small Island Developing States (SIDS) by providing clean energy access to over 4 million people.

He also mentioned the Energy Transition Accelerator Financing (ETAF) Platform, launched with IRENA in 2021. Initially aiming to mobilise US$1 billion by 2030, it has already secured US$4.2 billion with contributions from 14 partners. ADFD committed US$400 million to this platform to support solar, wind, hydroelectric, and bioenergy solutions in developing countries.

Al Suwaidi stated that "Energy transition is central to our development efforts," reflecting the UAE’s commitment to sustainability and climate action as highlighted during COP28. By offering affordable financing terms, ADFD enables countries to pursue renewable energy projects that might otherwise be unattainable.

This approach delivers extensive benefits such as job creation, enhanced energy security, improved quality of life through better healthcare and education access, and reduced emissions. The assembly reaffirmed the UAE’s leadership in promoting renewable energy and sustainable development globally.

International Collaboration for Energy Transition

The IRENA Assembly underscored the urgent need for international collaboration to overcome barriers and scale up renewable energy deployment. The shared goal is to triple renewable energy capacity by 2030. This session highlighted the importance of collective efforts in achieving sustainable development goals worldwide.

Al Suwaidi noted that their partnership with IRENA has amplified their ability to support renewable energy projects globally, especially in nations facing limited energy access and climate change vulnerabilities. Together they have established mechanisms to accelerate clean energy development.

The assembly served as a cornerstone event in global energy governance. It provided a platform for stakeholders from multilateral organisations and private sectors to engage in solution-oriented discussions aimed at facilitating transformative progress towards sustainable development goals (SDGs).

With inputs from WAM