The Islamic Development Bank's (IDB) development insurance arm has partnered with the UAE-based renewable energy firm Masdar to support the expansion of renewable energy in the Middle East and North Africa region.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) of the multilateral bank signed a memorandum of understanding with the UAE government-owned firm on the sidelines of the Abu Dhabi Sustainability Week, according to sources.
The Abu Dhabi Sustainability Week, which took place from January 14 to January 19, was the first major global sustainability event since COP27 in Egypt. It also kicks off the countdown to COP28, which will be held in Dubai.
According to ICIEC CEO Osama Qaisi, the partnership will allow for greater cooperation and more efficient implementation of projects that will increase renewable energy production capacity in IDB member countries.
The agreement protects member countries from political and commercial risks while encouraging increased investment in projects related to climate action, technology, specialised equipment, or services. Both parties also agreed to support the transition to a green economy by increasing renewable energy generation while ensuring long-term economic growth.
According to the report, the collaboration will result in a current combined capacity of more than 23GW of renewable energy, which could grow to more than 50GW by 2030.
The Islamic Development Bank is a multilateral development bank (MDB) that works to improve the lives of those we serve by promoting social and economic development in Member countries and Muslim communities around the world, resulting in large-scale impact.
We build the infrastructure that allows people to live better lives and reach their full potential.