The European Bank for Reconstruction and Development (EBRD) and the International Renewable Energy Agency (IRENA) have signed a Memorandum of Understanding (MoU) allowing the two organisations to strengthen their relationship and accelerate efforts to rapidly increase the share of renewable power in EBRD countries of operation.

The partnership aims to help minimise climate impact and use electricity more sustainably.

The partners agreed to cooperate more closely on developing and delivering technical assistance to support the continued growth of renewable energy and to develop a pipeline of bankable renewable energy projects that can be financed by the EBRD, as well as other financing partners.

“We come together with our partners to harness our strengths and put them to work to deliver investments. It is this kind of action that we expect will make a difference,” said EBRD managing director for Sustainable Infrastructure Nandita Parshad, who signed the deal for the regional development bank during the 10th IRENA Assembly in Masdar City, Abu Dhabi.

Director-general Francesco La Camera signed for IRENA. He said: “Renewables are the only readily available solution that will enable sustainable economic growth, close the energy and infrastructure gap and meet our climate and development ambitions at the same time.

“Through cooperation with partners on the Climate Investment Platform (CIP), we have started working towards unlocking the much-needed financial resources for clean energy transition, particularly in developing countries. By addressing the key risks and barriers that hinder the scale-up of renewable investment, we will accelerate the low-carbon energy transition and promote sustainable growth.”

IRENA is the lead intergovernmental agency for the energy transformation. The mission of the 161-member agency is to support the energy transition to renewables through knowledge and innovation, providing a global voice for renewables, a network hub and a source of advice for countries.

To date, the EBRD has signed €30 billion in green investments, financed over 1600 green projects and reduced over 100 million tonnes of carbon emissions each year.

Image courtesy of EBRD.