African Development Bank 100% committed to sustainable energy
In 2017, 100% of the African Development Bank investment was in clean energy and efficiency, totalizing 1,400 megawatts exclusively from renewables and it seems it will be the same way in 2018 with increase support for renewable energy projects under the New Deal on Energy for Africa.
The aim of the Bank is to lead on renewable energy and to help Africa unlock its full energy potential, while developing a balanced energy mix to support industrialization.
The investment increase in renewable energy projects started a few years ago as the Bank’s portfolio of power generation investments shows in the share of renewable energy projects increase from 14% in 2007-2011, to 64% in 2012-2016.
The African Development bank undertook the Africa Renewable Energy Initiative (AREI) who’s objective is to deliver 10 GW of renewable energy in 2020 and 300 Gigawatts (GW) by 2030 as requested by African Heads of State and Government and will be supported by the G7 with US$10 billion.
In order to help African countries mobilize resources to support the implementation of the Intended Nationally Determined Contributions of Regional Member Countries, in ways that will not hinder development, the African Bank Group approved its Second Climate Change Action Plan, 2016-2020 (CCAP2) as a response to the concerns raised at COP23 in Bonn.
As part of its wider mandate under the New Deal on Energy for Africa, the Bank will also invest US$20 million in the Evolution II Fund −a Pan-African clean and sustainable energy private equity fund.
The Evolution II Fund is expected to contribute to green and sustainable growth by creating 2,750 jobs and building on the track record of the Evolution One Fund (which created 1,495 jobs, of which 20% were for women, and generated 838 MW of wind energy and 87MW Solar PV energy). It is estimated that the Evolution One Fund achieved 1,190,469 of Carbon dioxide (CO2) emission savings annually.
In line with its commitment to renewable energy and ongoing institutional reforms, the Bank appointed Ousseynou Nakoulima as the Director for Renewable Energy and Energy Efficiency. He brings global experience in developing and managing programs and partnerships for driving renewable energy, from his work at the Green Climate Fund.
Source © African Development Bank Group