cop27

The Asian Infrastructure Investment Bank (AIIB) has joined a partnership agreement with the Egyptian government, expected to mobilise US$10 billion in investments to deploy 10GW of solar and wind by 2028.

Two of the world’s major coal-based economies were expected to receive billions of dollars of funding at COP27 from a G7 initiative to wean them off coal and deliver clean energy transitions, but while Indonesia has walked away with a US$20 billion deal, talks have stalled on the US$5 billion set aside for its Southeast Asian neighbour Vietnam, leaving the G7 nations that deliver the funding scratching their heads.

The latest Renewable Energy Country Attractiveness Index (RECAI 60) shows that energy transition and renewables deployment continue to be of paramount concern to global governments in the face of market volatility and an emphasis on decentralised grids.

At the United Nations COP27 conference, the European Investment Bank (EIB) and AllianzGI have announced the mobilisation of US$100 million to Alcazar Energy Partners II, a fund which facilitates the development, construction and operation of renewable energy projects in the Middle East, North Africa, Eastern Europe and Central Asia.

The European Investment Bank (EIB) and the Development Bank of South Africa (DBSA) have launched a financing programme to support €400 million (US$413 million) worth of renewables investment in South Africa.

The Energy Transition Accelerator Financing Platform (ETAF) has gained three new partners this week at the United Nations COP27 conference in Egypt. The Asian Infrastructure Investment Bank (AIIB), Masdar and Swiss Re all signed partnerships on site in Sharm-El-Sheikh.

Bank of America and CrossBoundary Energy will explore financing solutions to expand the latter’s renewable energy portfolio across Africa, the commercial and industrial (C&I) solar developer announced at the COP27 conference this week.

New policies in major energy markets would accelerate the investment in clean energy to US$2 trillion by 2030 in the states policies scenario (STEPS), according to a report from the International Energy Agency (IEA).