The International Renewable Energy Agency (IRENA) and IEA are formal: in order to keep the Paris agreement on track, we should globally triple renewable energies generation and double energy efficiency (Read IRENA’s report).
These two levers are crucial to make Energy transition successful worldwide.
However, we need to “walk the talk”. This is why IRENA has created its ETAF coalition (a multi-stakeholder climate finance platform to advance the global energy transition.
Managed by IRENA, the ETAF Platform has already attracted USD 1.25 billion in pledged resources to support the energy transition. The platform is increasing its ambition, planning to provide financing of 5 GW of projects by 2030.
From left to right : Ahmed Badr (Irena) and Christian Deseglise (HSBC)
HSBC, member of ETAF is also founding member of FAST-Infra Group and strongly believes in the power, synergies, and efficiency between the two initiatives. Combined to the FAST-Infra initiative and more specifically to the FAST-Infra Label, ETAF has the potential to accelerate significantly the energy transition.
Indeed, tripling the renewable energies is mostly a question of financing, even if other factors such as acceptability or land acquisition can also be problematic.
Today, many venture capital, banks and other investors want to participate to the energy transition and direct their investments towards sustainable projects.
How to be sure that your project is the right one? Labelling it, through an expert assessment is a very good solution: FAST-Infra Label already presented 5 projects labelled at the COP28, in the field of renewables: photovoltaic, wind farms and a project of electric vehicule (EV) charging for bus fed by photovoltaic panels.
Going forward, we are confident that, as more projects get labelled, more finance capacities will be attracted towards them, mainstreaming sustainable infrastructure as a full-fledged, liquid class asset.
A joint collaboration between ETAF and FAST-Infra Group will help scale up the momentum already initiated by both platforms… thus contributing to the Paris Agreement.