President Ibrahim Mohamed Solih has attended the high-level launching of the Energy Transition Accelerator Financing platform (ETAF) by the International Renewable Energy Agency (IRENA). The event was held on the sidelines of the 26th United Nations Climate Change Conference (COP26) in Glasgow, Scotland.
The Maldives has pledged to achieve net-zero emissions by 2030, tying it to financial support from international partners.
IRENA, the Abu Dhabi Fund for Development (ADFD), and the Government of the UAE established the IRENA/ADFD Project Facility to assist developing countries in finding sustainable renewable energy solutions. The Maldives is the first beneficiary of the project facility.
As part of the first cycle, a small-scale waste-to-energy project that will generate 0.5 Megawatts will be established in the Maldives. The waste-to-energy project in Addu will generate 1.5 Megawatts of electricity from municipal solid waste, forecasted to benefit a total population of 35,000 people.
The second project the Maldives requested support for had been selected as part of the 7th cycle.
ETAF will help funnel urgently needed climate and renewable energy finance to selected projects in developing countries, especially Small Island Developing States (SIDS).