Abu-Dhabi-based International Renewable Energy Agency (Irena) has denied reports that it is seeking a more than ten-fold increase in its annual budget to promote sustainable energy.

The clarification comes after media reports quoted its interim director-general Adnan Amin as saying, 'For the type of work we are thinking about, the optimal budget is about $250 to $300 million. It is realistic to expect growth in the budget in the medium term.'

Irena, currently has an annual budget of about $20 million, is optimistic of securing such a budget as investments in renewables continue to grow, driven by surging energy demand, the reports quoted him as saying.

In his clarification, Amin said, 'At this time, Irena is not seeking additional funding, as it is focusing on creating institutional structure for which the current budget allocation is sufficient.'

'In the medium and long term Irena aims to become an effective organization addressing the major challenges of energy access, energy security and reducing carbon emissions that contribute to climate change.'

'In that case, and with the full support of its members, it would be reasonable to expect a budget similar to that of other comparable international organizations,' Amin added.

Irena was set up in January 2009 to promote sustainable forms of renewable energy. About 150 countries have signed Irena's treaty, while 51 have signed and ratified it.-TradeArabia News Service