A major partnership ahead of COP28: Bloomberg Philanthropies and the International Renewable Energy Agency (Irena) have announced a partnership to boost clean energy deployment and capital mobilization in emerging markets and developing economies (EMDEs), according to a statement. The philanthropic organization will back Irena to accelerate efforts to drive an all-round adoption of renewable energy and minimize political, technical, and financial barriers to the energy transition.

How the partnership will work: Bloomberg Philanthropies will support Irena’s efforts on three fronts: Building capacities in Southeast Asia, Africa, and Latin America through policy recommendations, technical support, and financing solutions towards advancing decarbonization and robust climate resilience; strengthening Irena’s Energy Transition Accelerator Financing Platform, which focuses on capital mobilization to advance renewables-based energy transition technologies in EMDEs by 2030; and, in partnership with the Glasgow Financial Alliance for Net Zero, presenting readily investable energy transition projects to financial institutions committed to zero emissions and boosting investments in climate solutions in developing countries.

Much needed: Clean energy finance in EMDEs continues to face several hurdles, including a strong supply of bankable renewable energy projects in the region, according to the statement. Irena estimated investments in renewables last year at USD 0.5 tn, representing less than one-third of the average annual investments required until 2030 to reach net zero emissions goals by 2050. Bloomberg and Irena’s new partnership would help advance a pipeline of luring renewable energy projects through lowering the “risk for potential developers and investors by providing vigorous technical and financial expertise to eligible projects that meet environmental, social, regulatory, and economic factors and implementation readiness.”