IRENA and GCFC form partnership to expand climate financing

A IRENA (International Renewable Energy Agency) and the GCFC (Global Climate Finance Center) announced a strategic partnership to enlarge or climate finance and renewable energy initiatives.

GCFC helps create an ecosystem that enables investments in low-carbon, sustainable and resilient projects, bringing together cutting-edge research, innovations and capacity-building programs to scale climate investments globally, with a special focus on emerging and developing markets.

This collaboration will take advantage of the synergies between IRENA and GCFC across multiple workstreams, including market intelligence, training and practical platforms, for example. According to the companies, the partnership aims to drive innovative solutions that improve the scale, accessibility and financial viability of climate finance globally.

The agreement will include joint work throughout the three streams:

1. research and innovation: The parties will work together to conduct market research and analysis to produce thought leadership and innovative solutions for key topics driving present and future global climate finance flows, including risk reduction mechanisms, green industrialization opportunities, carbon markets and political innovations, among others;
2. Training and technical assistance: Both institutions strive to increase the adoption of climate solutions by strengthening local capacities. Their joint work will include building strong frameworks for renewable energy and associated infrastructure policies and regulations, and financial skills needed to develop project pipelines;
3. Practical coalitions and project pipeline financing: the parties will work together to promote partnerships and practical initiatives with natural synergies. This will include, but not be limited to, their respective work supporting African countries in the energy transition. The parties will also collaborate to co-create and co-host events, including workshops and matchmaking “trading rooms,” to share knowledge, connect climate investors with investment opportunities, create and strengthen partnerships, and promote innovative renewable energy financing solutions to improve the absorption of global climate investments.

“Despite the remarkable political momentum established by the UAE Consensus and a universally compelling business case for renewables, progress in the energy transition remains uneven across regions, largely due to a lack of access to affordable financial resources” , he said Francesco La Camera, general director of IRENA.

According to him, the strategic partnership with GCFC aims to address this disparity strengthening financial flows, building capabilities and fostering innovation where it is needed most.

Mercedes Vela Monserrate, CEO of GCFC, added that by joining forces with IRENA, the Global Climate Finance Center is taking a significant step towards accelerating the flow of climate finance and boosting renewable energy initiatives around the world. 

“United by a global vision for climate action, this collaboration seeks to empower countries and communities to implement effective climate solutions and build a more sustainable future”, he concluded. 

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