A new partnership formed aims to increase investments in renewable energy projects to speed up the global transition to net-zero emissions.
IRENA and CIF will share their expertise in raising capital and deployment of renewable energy projects to increase global investments in clean projects for climate mitigation.
The two will work with governments to develop and enact policies that encourage more investments to be directed to the expansion of clean capacity. IRENA and the CIF will also foster collaboration between governments, the private sector, civil society, local communities and major multilateral development banks.
The partnership comes as global investments in renewables are on the rise. However, the rate at which governments and energy stakeholders are investing in decarbonisation is not enough to meet targets set under the Paris Agreement.