UAE supports renewable energy projects in developing countries
The country allocated $350m for the International Renewable Energy Agency and Abu Dhabi Fund for Development facility
The UAE has been supporting and promoting renewable energy projects across developing countries, including financing sustainable clean energy projects in these countries through the establishment of various initiatives and funds.
According to the UAE’s state-held news agency, Wam, the country has allocated $350m (AED1.3bn) for the International Renewable Energy Agency (IRENA) and Abu Dhabi Fund for Development (ADFD) facility.
Additionally, $50m (AED183.6m) has been dedicated to the UAE - Caribbean Renewable Energy Fund (UAE-CREF), and another $50m (AED183.4m) has been allotted for the UAE - Pacific Partnership Fund (UAE-PPF).
Under the UAE-PPF’s first scheme, small-scale solar and wind power projects were completed in Kiribati, Fiji, Samoa, Tonga, Tuvalu, and Vanuatu.
Launched in 2016, the UAE-CREF was formed following a partnership between the Ministry of Foreign Affairs and International Cooperation and ADFD.
The fund has also been completely financing projects that are implemented by Abu Dhabi Future Energy Company (Masdar).
As part of the UAE-CREF, three solar power projects were launched in 2018 in the Bahamas, Barbados, and Saint Vincent in the Grenadines.
The projects have a total production capacity of 2.35MW and a battery storage capacity of 637kWh. The projects will save nearly $1.1m (AED4m) worth of diesel each year, which is equivalent to over 895,000 litres of diesel, and reduces 2.6 million tonnes of CO2.