The African Development Bank achieved a 100% investment in renewable energy in 2017, a milestone in its commitment to clean energy and efficiency.
The Bank said in a statement that power generation projects with a cumulative 1,400MW 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.
Bank President, Akinwumi Adesina, commented: ‘’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.
“Our commitment is to ensure 100% climate screening for all Bank financed projects.’’
The Bank’s power generation portfolio has increased its share of renewable energy projects from 14% in 2007-2011, to 64% in 2012-2016.
According to the press statement, the Africa Renewable Energy Initiative (AREI) – whose goal is to deliver 300GW of renewable energy in 2030 and 10GW by 2020 – is now based within the Bank, as requested by African Heads of State and Government.
The G7 has promised to commit $10 billion to support the initiative, which came out of COP21 and subsequently approved by the African Union.
The Bank explained: “As part of its wider mandate under the New Deal on Energy for Africa, the Board of Directors of the African Development Bank on December 15, 2017, approved an investment of $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.
“The Evolution II Fund is expected to contribute to green and sustainable growth by creating 2,750 jobs and building on the track record of the Evolution One Fund (which created 1,495 jobs, of which 20% were for women, and generated 838MW of wind energy and 87MW Solar PV energy).” Read more...
According to the Bank, it is estimated that the Evolution One Fund achieved 1,190,469 of carbon dioxide (CO2) emission savings annually.
Featured image: Stock