Will work together to support Asia’s energy transition and mobilize greater private capital for renewable energy
The Asian Infrastructure Investment Bank (AIIB) and the International Renewable Energy Agency (IRENA) have signed a memorandum of understanding (MOU) committing to work together to support Asia’s energy transition and mobilize greater private capital for renewable energy.
The agreement was signed today by AIIB President Jin Liqun and IRENA Director-General, Francesco La Camera, at a virtual ceremony to mark the new partnership. President Jin remarked upon how the Bank and IRENA will work together to accelerate investment and enhance awareness of renewable energy solutions throughout Asia. “With Asia’s growing energy demand, and the rising challenges from climate change, we need to ensure the region invests more than ever in renewable energy and energy efficiency to facilitate their transition to low carbon energy mix. This partnership is part of the Bank’s journey toward realizing the goals set out in the Paris agreement,” said President Jin.
Under the terms of the AIIB-IRENA MOU, both the Bank and IRENA agreed to scale up their efforts to unlock capital and accelerate the uptake of renewable energy by AIIB members. Mr. La Camera highlighted this agreement bolsters IRENA’s efforts to facilitate the flow of low-carbon capital into the energy transition where it is needed most, including through the Climate Investment Platform, a multi-stakeholder initiative designed to mobilize climate capital, of which IRENA is a founding member.
“The energy transition is the centerpiece of global efforts to achieve sustainable development, address climate change and accelerate a new age of inclusive, low-carbon growth,” said IRENA Director-General Francesco La Camera. “Through partnerships like this, we can catalyze the flow of capital towards renewables and energy transition-related infrastructure to build a more resilient, sustainable, and inclusive system.”