DUBAI UAE: The Islamic Development Bank (IsDB) and its multilateral credit and political risk insurer, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), have signed a Collaborative Partnership Agreement with the International Renewable Energy Agency (IRENA) to advance the global energy transition and support sustainable development goals. The partnership includes IsDB and ICIEC’s membership in the Energy Transition Accelerator Financing Platform (ETAF), a multi-stakeholder climate finance solution managed by IRENA. Through membership in ETAF, IsDB looks forward to proactively contributing to the deployment of renewable energy solutions throughout its 57 member countries that span four continents within the USD 1 billion ETAF capital mobilization target by 2030. Furthermore, the IsDB Group is joining ETAF at two ends – financing and de-risking.
ICIEC will contribute its credit and political risk insurance solutions to support the (co-)financing of renewable energy projects recommended by ETAF for the benefit of common member countries. The collaboration capitalizes on ICIEC’s expertise in credit and political risk insurance and its synergies with the broader reinsurance market.
The IsDB Group’s Chairman, H.E Dr. Muhammad Al Jasser, said, “The Bank’s membership and its pledge of USD 250 million for ETAF, as well as ICIEC’s membership, which is the credit and political risk insurance arm of the IsDB Group, reflect the Group’s resolve to accelerate climate finance and provide much-needed de-risking, which is key to attracting private capital to this domain in the economic South.“
IRENA Director-General Francesco La Camera said, “To achieve climate and development targets, we must acknowledge that financing approaches vary by region, each with unique needs and criteria. By partnering with ETAF, IsDB, and ICIEC are playing an important role in enhancing the platform’s inclusivity, expanding its available tools and resources, and enabling more effective project support to be tailored to the distinct needs of more developing countries.“
IsDB and ICIEC’s collaboration with IRENA reflects a shared commitment to addressing climate challenges, promoting sustainable energy practices, and contributing to the broader global agenda. The partnership is poised to unlock financial support for renewable energy initiatives across the IsDB member states.
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