By Desmond Brown – Executive Editor
ABU DHABI, United Arab Emirates, Jan 14 2017 – The Abu Dhabi Fund for Development (ADFD) is offering $350 million in soft loans for renewable energy in developing countries it was announced here today at the opening of the 7th Annual Assembly of the International Renewable Energy Agency (IRENA).
The announcement was made by Thani Al Zeyoudi, Minister of Climate Change and Environment in the United Arab Emirates.
“Global investment in renewable energy has reached about $300 billion in 2015 with an increase of five-fold over 2014,” Al Zeyoudi said.
“Renewable energy also witnessed the highest growth rate and production capacity, surpassing the growth rate of conventional energy sources.
“This remarkable success motivates us to emphasize the need to continue working with IRENA to strengthen existing partnerships and create new partnerships between government, private and academic circles to maintain the momentum given to renewable energy, to accelerate the pace of deployment and enhance its contribution to achieving the goals of sustainable development and to limit the impact of climate change,” Al Zeyoudi added.
Later today, Prime Minister of Antigua and Barbuda Gaston Browne and the Director of the ADFD Mohammed Saif Al Suwaidi will sign the newest loan agreement, which will contribute 4 MW out of a total 25 MW project involving the installation of wind turbines and solar PV panels using batteries for electricity storage.
Government officials from more than 150 countries and leaders from international organisations, the private sector and civil society are attending the Assembly.
In addition to Prime Minister Browne, St. Vincent and the Grenadine Prime Minister Dr. Ralph Gonsalves and St. Lucia’s Minister for Infrastructure, Ports, Energy and Labour, Stephenson King are also attending the Assembly.
“An unprecedented transformation of our energy system is underway. Plummeting costs and rapid innovation have spurred investments that are positioning renewable energy solutions at the centre of energy discussion today,” said IRENA Director General Adnan Z. Amin.
“It is no longer a question of whether or if, but how we can accelerate this change to move towards a global, sustainable and affordable low-carbon energy future.”
Taking place Jan. 14-15 at the St. Regis Saadiyat Hotel, following a day of preliminary meetings and discussions, including the second IRENA Legislator’s Forum, the 7th Assembly will focus on IRENA’s strategic and programmatic direction to support countries accelerate deployment of renewable energy, and in doing so, meet climate goals, boost the economy, and increase access and security.
The Assembly will also feature the launch of ‘Rethinking Energy 2017’ which examines the latest trends in renewable energy and the dramatic changes in the energy sector in many countries.
“The speed and scale of the energy transformation calls for, more than any time before, a strengthening of global cooperation, through action and initiatives, to grapple with the multiple changes and challenges ahead,” added Amin.
“IRENA’s Assembly is the meeting point for such international cooperation, and the next two days will address a range of issues central to the energy transformation underway.”
The Assembly also marks the opening of Abu Dhabi Sustainability Week and precedes the World Future Energy Summit (WFES), a global gathering of energy leaders and decision makers.
Throughout the week, IRENA will host and will participate in a series of events, covering topics ranging from the decarbonisation of energy systems to the scaling up of variable renewable power.
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