China-based Asian Infrastructure Investment Bank (AIIB) and the International Renewable Energy Agency (IRENA) have signed a memorandum of understanding (MoU) committing to collaborate to help Asia’s energy transition and mobilise more private capital for renewable energy.
Under the terms of the MoU, both organisations have agreed to scale-up their efforts to unlock capital and accelerate the uptake of renewable energy by AIIB members. According to the statement, the agreement will strengthen IRENA’s efforts to facilitate the flow of low-carbon capital into the energy transition where it is most needed, including through the Climate Investment Platform, a multi-stakeholder initiative to mobilise climate capital, of which IRENA is a founding member.
In May 2021, IRENA had signed a partnership agreement with Siemens Energy to work on the application of technology to advance the transition to renewable energy across the world. The two entities would collaborate on developing business cases for green hydrogen and promote heat generation and industrial processes that could decarbonise hard-to-abate industries such as cement, steel and petrochemicals.
