Africa’s renewable energy is a tremendous resource and opportunity for the World.
All to break down economic, political and social risks, experts agree.
ABIDJAN, Côte d’Ivoire, 17 November 2016 / PRN Africa / — At the UN’s global climate conference this week, governments and development partners came together. All to examine the role of financing in shaping some of Africa’s groundbreaking renewables successes. For that’s such as Morocco’s Noor Concentrated Solar Power (CSP) plant.
In an event co-hosted by the African Development Bank (AfDB) and the Climate Investment Funds (CIF). So participants considered how the growing explosion in renewables in some African countries. For it is being built on strategic partnerships. That’s between public and private sources of financing.
Renewable Energy Grow
Renewable energy has been identified as a key driver for Africa’s economic growth prospects, but requires multi-million dollar investments which cannot be provided by public financing alone. Crucial public sector funding partners like the AfDB, CIF, World Bank, and major donor countries such as Germany are helping African countries find ways to break down barriers to private investment for vital renewables industries, and examples of success are beginning to emerge.
Bakkoury said partners like the AfDB were instrumental in the solar energy development that has seen Morocco put up a massive solar energy plant in Noor Ouarzazate, the first of its kind in Africa and a model for African countries to follow.
In affirming AfDB’s continued commitment to universal access to energy for Africa, Alex Rugamba, AfDB Director for Energy, Environment and Climate Change, said, “the Bank’s commitment has shifted gears, and it now has a fully-fledged vice presidency dedicated to Power, Energy, Climate and Green Growth.” Rugamba added that the Bank has learned valuable lessons from various initiatives it is already supporting, and knows what is required to move forward with the initiatives with fewer barriers to effective investment.
In addition, CIF Head Mafalda Duarte, who co-hosted and moderated the event. For she noted the critical role that public sector climate finance has played in Africa.
“The CIF is working very actively in Africa to support over 20 countries as they undertake energy transformation,” she stated.
With implementing partners such as the AfDB and World Bank Group is big. For then the CIF has been the largest source of concessional climate finance to Africa. Thereby providing a third of its $8.3 billion financing.
SOURCE African Development Bank (AfDB)