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Africa attracts investor confidence for clean power projects

EIA commands renewables to be the leading source of energy in five years to come
France and nine partners have promised to mobilise funds in a bid to promote the development of clean power and optimise access to electricity across the African continent.

On Tuesday, France together with nine other partners committed to mobilise a cumulative $10 billion from 2015 to 2020 in efforts to boost energy access across Africa.

These funds will be put towards developing countries, aiding their efforts in adapting to global warming and developing clean power projects.

According to the Independent Online, the nine partners include Canada, Britain, Germany, Italy, Japan, USA, Sweden, Netherlands as well as the European Union (EU).

Clean power: confidence in Africa’s leadership

During the on-going climate talks at the UN Climate Change Conference in Paris, Germany pledged to contribute €3.3 billion ($3 billion), while France, US, Britain, Canada, Japan, Italy, Sweden, Netherlands and the EU Commission would provide the remaining €6.7 billion ($8 billion).

The partners have expressed their confidence in Africa’s leadership and have committed to working with them. This commitment aims to bridge the energy access gap and boost the potential of clean power in the Sub-Saharan region.

Commenting on the initiative, the partners said: “In this context, we welcome the Africa Renewable Energy Initiative as a transformative, Africa-owned and led inclusive effort to accelerate and scale-up the harnessing of the continent’s renewable energy potential.

“We welcome the contributions from countries interested in helping Africa harness its renewable energy potential and improve access to sustainable energy for all.

“We welcome the significant financial commitments that have already been made by a number of countries to accelerate efforts to harness Africa’s renewable energy potential and expand energy access across the continent, and we commit to mobilising at least 10 billion USD cumulatively from 2015 to 2020.”

In addition, developed countries have jointly pledged to mobilise a further a $100 billion by the year 2020, which will be obtained from different sources.

Babalwa Bungane
Babalwa Bungane is the content producer for ESI Africa - Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast.