AfDB to get $10 billion for renewable energy initiative

THE African Development Bank (AfDB) is set to receive $10 billion through international development support for harnessing Africa’s renewable energy potential and expand energy access across the continent.

AfDB last week said its board of directors endorsed the proposal by management to serve as trustee to administer and manage the resources of Africa Renewable Energy Initiative (AREI) and also to host the AREI Independent Delivery Unit as requested by African heads of government.

“The board of directors of AfDB have endorsed the proposal by the bank’s management to serve as trustee to administer and manage the resources of AREI,” it said.

“AREI was launched in Paris in December 2015 and is receiving strong international support from development partners who have committed to mobilising at least $10 billion cumulatively between 2015 and now to harness Africa’s renewable energy potential and expand energy continent.”

The renewable energy initiative is the continent’sowned and-led initiative of the African Union.

It aims at harnessing Africa’s abundant renewable energy resources to help achieve the Sustainable Development Goals, enhanced well-being, and sound economic development by ensuring universal access to sufficient amounts of clean, appropriate and affordable energy as well as help African countries leapfrog towards renewable energy systems that support lowcarbon development strategies.

Zimbabwe is one of the countries on the continent pursuing the growth and development of renewable energy projects through Independent Power Producers (IPPs) as well as Public-Private Partnerships.

It is hoped that Zimbabwe stands a chance to tap into the $10 billion funding from the AfDB.

Since 2010, the Zimbabwe Energy Regulatory Authority (Zera) has licensed about 25 IPPs projects whose development was at various stages. — @ okazunga access across the