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In a way to Steer the Advancement of Africa’s Energy Transition, the International Renewable Energy Agency and the African Development Bank Subscribed to Boost Investment in Low Carbon Energy Ventures
Posted On 10 Dec 2020
By Abdul Rahman Bangura–
Photo Credit: Climate action
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The International Renewable Energy Agency (IRENA) and the African Development Bank approved together to subsidize venture in low carbon energy projects – a motion predicted to promote Africa’s energy evolution.
In an assertion, the entities proclaim, they ratified a statute of purpose to coordinate on a spectrum of activities, including co-organizing renewable energy investment forums as part of IRENA’s donation to the Climate Investment Platform, and collaboration on the bank’s annual flagship Africa Investment Forum event.
The cooperation will also concentrate on improving the position of renewable energy in African countries Nationally Determined Contributions under the Paris Accord and other sustainable development objectives.
“Driven by the aspiration to harness Africa’s huge renewable energy potential, the African Development Bank is today at the forefront of investing in renewable energy in Africa,” explains Kevin Kanina Kariuki – African Development Bank’s Vice-President of power, energy, climate and ,green growth, that endorsed on the bank’s behalf.
“The bank’s partnership with IRENA will advance this aspiration and support Africa’s energy transition and our goal to achieve universal access to affordable, reliable, sustainable, and modern energy in Africa by 2030.”
Francesco La Camera – IRENA Director-General, says: “This agreement represents the type of coordinated international cooperation that is the cornerstone of the realization of sustainable development in Africa and the achievement of Paris Agreement goals.
“We will pursue an action-oriented agenda that puts African countries on a path to real realizing full renewable energy potential.”
Earlier in 2020, IRENA published its Global Renewables Outlook report, which revealed that Sub-Saharan Africa could generate as much as 67% of its power from indigenous and clean renewable energy sources by 2030.
In this regard, an energy transition, analysis proposes, would increase GDP, enhance welfare and enable the achievement of up to two million more green jobs in the region by 2050, it tells.
“The African continent has some of the most abundant renewable energy resources in the world and the potential to transform outcomes for millions of people through the accelerated deployment of a renewables-based energy system,” La Camera noted.
“Renewables will increase energy security, create green jobs, advance energy access, including clean cooking, and help build resilient African economies.”
The organizations are also anticipated to pave the way for affiliation of other organizations like Development Bank’s Desert to Power Initiative, which gears to marshal public and private funding to inaugurate 10GW of solar power by 2025 in eleven nations in Africa’s Sahel region.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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