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100% investment has achieved in renewable energy, says AfDB

Published On Jan. 1, 2018 By Madhu

In the year 2017, the African Development Bank (AfDB) has achieved 100% investment in renewable energy sector. Bank's department of power generation involved the shares of renewable energy project has increased from 14 % in 2007-2011 to 64 % in 2012-2016, said AfDB in its latest statement. Under the new deal on Energy for Africa, power generation project with a cumulative 1400MW exclusively from renewable has been approved during the year 2017 to increase support for renewable energy projects in 2018.

We are clearly leading on renewable energy and we will help Africa unlock its full energy potential while developing a balanced energy mix to support industrialisation, said AfDB president, Dr.Akinwumi Adesina. The Africa Renewable Energy Initiative (AREI), whose goal is to deliver 10GW of renewable energy by 2020 and 300GW by 2030, is now based within the bank, as requested by African heads of state and government.

2nd climate change action plan(CCAP2), 2016-2020 has been approved by AfDB on 8 November 2017, as a clear message of its commitment to helping African nations mobilise resources to support implementation of Intended Nationally Contribution of Regional member countries, in way that will not hinder development. The approval of action plan has been discussed in Bonn, Germany to strengthen the global response to threat of climate change and to meet the Paris Agreement's goal to keeping global temperature rises to 1.5C. The CCAP2 is designed to incorporate the bank's high-five priorities in Paris agreement, the 2030 development agenda, the bank's green growth framework and the lesson learned in implementation of first climate change action plan, 2011-2015.

African Development Bank's board of directors on December 15, 2017, approved an investment of $20 mn in the Evolution II fund and Pan-African clean and sustainable private equity fund as a part of its wider mandate, the new deal on energy for Africa. Evolution II Fund reflects the bank's high five development priorities, the agenda to light up and power Africa, and bank's commitment to promote renewable energy and efficiency in Africa.

AfDB said, it is expecting fund(Evolution II) to contribute to green and sustainable growth by creating job opportunities of around 2750, and building on track record of Evolution I (which had created 495 jobs of which 20% for women and generated 838MW wind energy and 87MW solar PV energy). In the line with its commitment to renewable energy and ongoing institutional reforms, bank appointed Ousseynou Naukoulima as director for energy efficiency and renewable energy. He brings global experience in developing and managing programmes and partnership for driving renewable energy from his work at Green Climate Fund. In the first quarter of 2017, Evolution I fund has achieved 1190,459 of Carbon dioxide (CO2) emission savings annually.