OPEC Fund, IRENA to vote $250m to renewable energy in Nigeria, others
The OPEC Fund for International Development has inked a deal with the International Renewable Energy Agency to join the Energy Transition Accelerator Financing (ETAF) platform.
The initiative aims to mobilise funding for renewable energy investments, with the OPEC Fund set to commit around $250m in financing until 2030 to back renewable energy solutions in Nigeria and other partner countries.
According to a report by IRENA, nearly 60% of Nigeria’s energy demand in 2050 can be met with renewable energy sources. The ETAF platform’s initial aim was to mobilise at least $1bn in capital by 2030.
The Director-General of IRENA, Francesco La Camera said, “Nigeria can provide sustainable energy for all its citizens in a cost-effective manner. Nigeria has a unique opportunity to develop a sustainable energy system based on renewables that support socioeconomic recovery and development, while addressing climate challenges and accomplishing energy security.”
He added that: “accelerating a renewables-based energy transition is imperative in the fight against climate change, as it enables us to simultaneously tackle pressing energy challenges and alleviate persistent social inequalities. We are proud to announce the OPEC Fund’s decision to join IRENA’s ETAF Platform, which will significantly strengthen the Platform’s role as an effective and agile mobiliser of capital for the most vulnerable economies.”
On his part, the OPEC Fund Director-General said the “collaboration marks an important milestone in our joint efforts to tackle the twin challenges of climate change and energy poverty thanks to this innovative platform. It will help to progress an inclusive and just energy transition that leaves no one behind with investments, new technologies and knowledge sharing.”
