Abu Dhabi Fund Extends $105 Million for 8 IRENA Recommended Renewable Projects
With this, the cumulative funding for the project facility stands at $350 million
The Abu Dhabi Fund for Development (ADFD) has approved about $105 million (~₹7.42 billion) for the development of eight renewable energy projects under the seventh cycle of its partnership with the International Renewable Energy Agency (IRENA).
The ADFD, a foreign aid agency under the government of Abu Dhabi, said the aid would provide funding for projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, Saint Lucia, and Saint Vincent and the Grenadines.
It noted that after the 10th annual IRENA assembly, cumulative funding to date stood at $350 million (~₹24.76 billion), in line with the commitment made by ADFD across seven funding cycles to projects recommended by IRENA.
“In its efforts to boost the implementation of the United Nations’ Sustainable Development Goals (SDGs), specifically Goals 6,7,11, 12 and 13 – ADFD-funded projects over the seven cycles of the facility have led to the widespread adoption of scalable, clean, and sustainable energy alternatives in 26 countries,“ said Mohammed Saif Al Suwaidi, Director General of ADFD.
The eight renewable energy projects:
“The provision of capital to support the adoption of renewable energy is key to low-carbon sustainable economic development and plays a central role in bringing about positive social outcomes,” said Francesco La Camera, Director-General of IRENA.
In November 2018, Mercom reported that the Abu Dhabi Fund for Development committed $50 million (~3.54 billion) for renewable energy projects that were recommended by IRENA. The ADFD and IRENA have invited applications for the funding through the IRENA-ADFD project facility. This will be the sixth year of funding for such projects.
More recently, IRENA released its latest Global Energy Transformation Report, which explores global energy development scenarios up to the year 2050. It states that Asia – mainly China (at more than 2,000 GW) and India (at more than 300 GW) – would continue to lead global onshore wind power installations, with the region accounting for more than half (2,656 GW) of the total global capacity by 2050.
Nithin Thomas is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai. More articles from Nithin.