The UAE has allocated $700 million (Dh2.5 billion) since 2009 in support of the renewable energy sector in developing countries, a top official said on Saturday.

“We in the UAE are committed to supporting the International Renewable Energy Agency (Irena) to achieve its ambitious objectives,” Dr Sultan Ahmad Al Jaber, Minister of State, said at the fifth General Assembly of Irena.

There is an innovative and effective cooperation between the Abu Dhabi Fund for Development and Irena to finance renewable energy projects and reduce the impact of climate change, he said.

He said that five new projects will be launched this year through soft loans provided by the Abu Dhabi Fund for Development (ADFD) valued at $57 million (Dh209.19 million). In addition, the UAE gave grants for four new projects in the Pacific Islands, Al Jaber said.

He said the Irena Assembly this year is held in special circumstances in the global energy sector, both in terms of fluctuating prices of hydrocarbon resources and declining costs of renewable energy technologies.

The importance of Irena’s role will increase as the cost of renewable energy technologies continues to decline, Al Jaber said.

Highlighting Irena’s achievements, he said the number of permanent representatives to the agency grew from only two in last January to 28 currently.

The agency has achieved steady and substantial growth in the number of member states and states in accession, which now exceeds 170, he said.

Source: Gulf News