Africa is extraordinarily diverse, and no single approach will advance its energy future. But efforts must be made to build modern, resilient and sustainable energy systems across the continent to avoid trapping economies and societies in increasingly obsolete energy systems that burden them with stranded assets and limited economic prospects.
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The Green Climate Fund (GCF), a United Nations entity that aids developing nations in adapting to or reducing climate change, has provided $150 million to the African Development Bank (ADB). The funds will be used to support ADB’s Desert to Power initiative.
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African Development Bank (AfDB), the International Finance Corporation (IFC) and the International Bank for Reconstruction and Development (IBRD) have signed a Memorandum of Intent to begin talks for financing the Botswana-Namibia mega solar project which was announced earlier. The Memorandum of Intent is expected to support the pre-feasibility and related studies required to advance the project.
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The African Development Bank (AfDB) has announced the sanctioning of a loan to support ACWA Power’s 200 MW Kom Ombo solar power project in Egypt. The bank will offer funding of $27.2 million in the form of a senior loan with the European Bank for Reconstruction and Development, the Green Climate Fund Arab Bank, and the OPEC Fund for International Development being the key contributors. The total cost of the project is $156.4 million.
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To illustrate the transition from conventional power to renewable power generation in Africa: in the time period from 2008 to 2012, the share of renewables in power generation investments was at about 15 per cent, which increased to over 80 per cent for the period between 2013 to 2019.
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The African Development Bank Group has invested around USD 116 million in Sustainable Development...
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