Organisations are becoming increasingly aware of sustainable practices and want to show their support in the climate crisis. Looking to make renewable energy initiatives more accessible and to scale them faster, the Global Climate Finance Centre (GCFC), an independent entity focused on catalysing climate investments and solutions across the globe, and the International Renewable Energy Agency (IRENA), the intergovernmental agency for the renewables-based energy transition, have announced a new partnership.
The partnership was announced through a Memorandum of Understanding (MoU) as both firms look to impact various workstreams. Through collaboration, GCFC and IRENA will firstly target market intelligence and capacity building, while also focusing on practical platforms. There will also be various collaborative initiatives.
Said initiatives will set out to scale up climate investments, focusing primarily on emerging and developing markets. This aligns with GCFC’s focus on creating an ecosystem that enables investments into low-carbon, sustainable and resilient projects brought together by market innovation, capacity-building programmes and in-depth research.
Mercedes Vela Monserrate, CEO of the Global Climate Finance Centre
Mercedes Vela Monserrate, CEO of the Global Climate Finance Centre said: “By joining forces with IRENA, the Global Climate Finance Centre is taking a significant step forward in accelerating the flow of climate finance and propelling 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.”
Looking to make impactful change
Through the MoU and other key stakeholders in the climate space, both firms aim to drive innovative solutions that enhance the scale, accessibility, and affordability of climate finance globally.
The partnership will include joint work along the following three work streams:
Research and innovation
The parties will also 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. These include de-risking mechanisms, green industrialisation opportunities, carbon markets, and policy innovations, among others.
Capacity-building and technical assistance
Both institutions strive to increase the adoption of climate solutions by strengthening local capabilities. 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, among others.
Practical coalitions and project pipeline financing
GCFC and IRENA will work jointly to advance partnerships and practical initiatives with natural synergies. This will include, but is not limited to, their respective work on supporting African countries in energy transition via:
IRENA’s Accelerated Partnership for Renewables in Africa (APRA)
The GCFC-hosted Africa Green Investment Initiative (AGII)
Sharing knowledge
Francesco La Camera, director-general of the International Renewable Energy Agency
The Parties will also collaborate to co-create and co-host events, including workshops and matchmaking ‘deal rooms’, to share knowledge, connect climate investors with investment opportunities, create and strengthen partnerships, and advance innovative renewable energy finance solutions to improve the uptake of global climate investments.
Francesco La Camera, director-general of the International Renewable Energy Agency said: “Despite the remarkable political momentum established by the UAE Consensus and a universally compelling business case for renewables, progress on the energy transition remains uneven across regions, largely due to a lack of access to affordable financial resources.
“This strategic partnership with GCFC aims to further address this disparity by strengthening finance flows, building capacities, and fostering innovation.”
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