The Global Climate Finance Centre (GCFC) and the International Renewable Energy Agency (IRENA) have formed a strategic partnership to scale climate finance and renewable energy initiatives globally.
According to the two parties, the collaboration will leverage synergies across various workstreams, including market intelligence, capacity building, practical platforms, and collaborative initiatives.
Francesco La Camera, Director-General of the IRENA, said that progress on the energy transition remains “uneven across regions” largely due to a lack of access to affordable financial resources.
Indeed, earlier this month, the organisation published The Renewable Energy Statistics 2024 report, which detailed that the world risks missing the tripling renewable pledge made at COP28.
“Consolidated global figures conceal ongoing patterns of concentration in geography. These patterns threaten to exacerbate the decarbonisation divide and pose a significant barrier to achieving the tripling target,” said La Camera at the time.
The partnership aims to tackle this, the organisation shared.
“This strategic partnership with GCFC aims to address this disparity by strengthening finance flows, building capacities, and fostering innovation where it is needed most,” outlined La Camera.
The partnership will see the parties work together to conduct market research and analysis to produce thought leadership and solutions for key topics driving present and future global climate finance flows. This, it was shared, includes de-risking mechanisms, green industrialization opportunities, carbon markets, and policy innovations, among others.
Both institutions will also aim to increase the adoption of climate solutions by strengthening local capabilities.
Their joint work will include building frameworks for renewable energy and associated infrastructure policies and regulations, and financial skills needed to develop project pipelines, among others.
Another facet of the partnership will see the parties work jointly to advance partnerships and practical initiatives with synergies.
The parties will also collaborate to co-create and co-host events, with the aim of sharing knowledge, connecting climate investors with investment opportunities, creating and strengthening partnerships, and advancing innovative renewable energy finance solutions.
Mercedes Vela Monserrate, CEO of the GCFC, commented: “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,” added the GCFC CEO.