The African Development Bank Group (AfDB) unveiled its landmark initiative to solve Africa's huge energy deficit by 2025 at a High Level Stakeholder Consultative Meeting attended by business and political leaders at its headquarters in Abidjan on 17 September 2015.
AfDB hosted the Second West African Forum on Clean Energy Financing (WAFCEF-2) in the context of the Africa Energy Week convened by the Bank’s President, Akinwumi Adesina, and the ECOWAS Sustainable Energy Policy and Investment High Level Forum. Speaking at the opening session of WAFCEF-2, Akinwumi Adesina announced the Bank’s New Deal for Energy in Africa that he had mentioned in his speech when he took office at the begiining of September.
The “New Deal for Energy in Africa", which charts the way for a transformative partnership on energy focuses on mobilizing support and funding for the initiative from five key areas.
Firstly, the AfDB would significantly expand its support towards energy in Africa; development partners would also be obliged to scale up on-going efforts while countries must also expand their share of financing going into the energy sector and at the same time demonstrate stronger political will to ensure success of the Deal. Development partners would also be required to work together and coordinate their efforts to drive critical policy and regulatory reforms of the energy sector to improve incentives for accelerated investments.
Former United Nations Secretary General, Kofi Annan, in a video message, commended the initiative, noting that Africa’s leaders had no choice but to urgently bridge the energy gap.
Read more about the “New Deal for Energy in Africa” here.
WAFCEF2, two years after WAFCEF1, featured 10 West African clean energy projects carefully selected as finalists in a West African region-level contest. Each project team presented its business plan to potential investors and lenders.
The event was organized in partnership with the ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE), the Climate Technology Initiative - Private Financing Advisory Network (CTI P-FAN) and Sustainable Energy Fund for Africa (SEFA).