Masdar, IFC boost deployment of renewables in EMs: Renewables company Masdar signed an agreement with the International Finance Corporation (IFC) to bolster generation capacity from renewable energy sources in emerging markets, according to a statement. The agreement will cover collaboration on green hydrogen development, renewable energy distribution, and the development of innovative tech, the statement notes. No details were provided on the financial details, expected timeline, or which economies will be targeted.

The details: The agreement — signed on the sidelines of the World Government Summit in Dubai this week — will see both parties collaborate on establishing green hydrogen production facilities and increasing solar generation capacities in emerging economies, as well as facilitating avenues for climate finance in developing countries. The IFC and Masdar will also jointly explore the structure and financial feasibility of green energy projects in Africa.

The IFC has been busy this week: The agreement with Masdar comes two days after the IFC signed an agreement with state-owned Abu Dhabi Fund for Development (ADFD) to jointly invest USD 1.5 bn in the energy transition for emerging markets. The co-financing will boost IFC investment in green hydrogen in particular, IFC Director General Makhtar Diop told BloombergTV (watch, runtime: 4:32).