IRENA launch

Abu Dhabi, UAE, 6 December 2021 – The Worldwide Renewable Power Company (IRENA) and the Authorities of Costa Rica have signed an settlement immediately to work collectively to strengthen the nation’s decarbonisation plans and enhance renewable power undertaking financing. The settlement was signed by His Excellency Carlos Alvarado Quesada, President of Costa Rica and the IRENA Director-Basic, Francesco La Digicam on the IRENA headquarters in Abu Dhabi. 

In the course of the assembly, the 2 mentioned the creation of an funding roadmap to enhance Costa Rica’s Nationwide Decarbonisation Plan 2018-2050. The plan will utilise IRENA’s upcoming Renewable Power Roadmap for Central America to determine financing alternatives for main nationwide tasks, and assist resolution making round expertise and regulatory frameworks. 

The USD 1 billion Energy Transition Accelerator Financing Platform (ETAF), launched at COP26 in partnership with the United Arab Emirates, will signify a cornerstone of efforts to advance low-carbon improvement within the Central American nation. With anchor funding of USD 400 million from the Abu Dhabi Fund for Improvement, IRENA’s ETAF will work intently with the Ministry of Atmosphere and Power in Costa Rica to convey inexpensive financing to appropriate power tasks that advance Costa Rica’s decarbonisation targets. 

“This partnership will assist us proceed our advance in the direction of the formidable targets of our Nationwide Decarbonisation Plan 2018-2050, particularly by fostering our efforts relating to inexperienced hydrogen manufacturing,” stated President Alvarado Quesada. “It’s going to additionally supply us a platform to share our well-known expertise creating a sturdy and numerous renewable power combine, with IRENA and its member nations,” concluded the President.  

“Costa Rica is a world entrance runner within the pursuit of a decarbonised power system, notably within the electrical energy sector the place the nation has tapped its huge sources to construct one of many cleanest energy techniques on this planet,” stated Francesco La Digicam, Director-Basic of IRENA. “Beneath this essential partnership and with sturdy assist from IRENA and its companions, Costa Rica can prolong its renewable power management into sectors comparable to transport and heating – the subsequent frontier of the power transition – to attain its nationwide decarbonisation targets and long-term financial aims.”

Costa Rica has one of many cleanest energy technology mixes on this planet, producing greater than 90 per cent of its electrical energy from renewables. Nevertheless, underneath the nation’s decarbonisation plan, it can eradicate the usage of fossil fuels fully by 2050, reworking its transport, heating, and industrial sectors within the course of. In implementing its imaginative and prescient, Costa Rica will draw closely from IRENA analyses and experience to make sure funding flows assist the target.  

In the course of the assembly, President Alvarado Quesada and Director-Basic La Digicam explored additional areas of cooperation together with within the context of the Collaborative Frameworks established by IRENA to facilitate a deeper degree of information sharing between IRENA member nations. Costa Rica already performs a key position as co-facilitator of the Framework on Hydropower and has shared an intention to affix the Company’s Framework on Green Hydrogen as a part of nationwide efforts to speed up hydrogen efforts underneath the nationwide hydrogen affiliation, Alianza Por El Hidrogeno.  

Beneath the settlement signed immediately, IRENA will work intently with the nation’s hydrogen affiliation and the Ministry of Atmosphere and Power to develop a hydrogen technique that helps the achievement of Costa Rica’s Nationwide Decarbonisation Plan. IRENA’s sturdy and rising relationship with the personal sector was highlighted as an attribute that may assist advance Costa Rica’s plans for hydrogen adoption.