AfDB meets 100 p.c. investment target in renewable energy
THE African Development Bank (AfDB) last year achieved a 100 percent investment in renewable energy, a major landmark in its commitment to clean energy and efficiency in Africa. AfDB) has also committed 100 percent climate screening for all its financed projects. Power generation projects with a cumulative 1,4 00 megawatts exclusively from renewables were approved during the year, with plans to increase support for renewable energy projects in 2018 under the New Deal on Energy for Africa. The Africa Renewable Energy Initiative (AREI) whose goal is to deliver 300 Gigawatts (GW) of renewable energy in 2030 and 10 GW by 2020, is now based within the AfDB. On November 8, 2017, the African Bank Group approved its Second Climate Change Action Plan, 2016-2020 (CCAP2) as a clear message of its commitment to helping African countries mobilise resources to support energy projects. According to AfDB, as part of its wider mandate under the New Deal on Energy for Africa, its Board of Directors on December 15, 2017, approved an investment of US$20 million in the Evolution II Fund - a Pan-African clean and sustainable energy private equity fund. “The bank’s investment in Evolution II Fund reflects the High 5 development priorities of the bank, the agenda to light up and Power Africa, and the bank’s commitment to promote renewable energy and efficiency in Africa,” it said. Commenting on the development, AfDB president, Akinwumi Adesina, said the bank was committed to ensuring 100 percent climate screening for all its financed projects “We are clearly leading on renewable energy. We will help Africa unlock its full energy potential, while developing a balanced energy mix to support industrialisation,’’ Dr. Adesina said.