The Climate Investment Funds (CIF) and the International Renewable Energy Agency (IRENA) have signed a memorandum of understanding (MoU) to accelerate global investment in clean energy. The two agencies will collaborate to facilitate information sharing on energy transitions in order to support climate-smart development. In collaboration with governments, the commercial sector, civil society, local communities, and major multilateral development banks, joint analytical initiatives will support evidence-based energy transition investment and policymaking.

Additionally, the two entities will work together on developing business cases for green hydrogen and promoting heat generation and industrial processes that can decarbonise hard-to-abate industries such as cement, steel and petrochemicals.

The organisations will expand and assist climate and smart development efforts around the world. Stronger collaboration on regional and country-level aims to improve technical assistance and capacity building, remove barriers to piloting new renewable technologies, open up sustainable markets, and mobilise private sector funding for energy transformation.