The African Development Bank (AfDB) has achieved a 100 per cent investment in renewable energy in 2017, a major achievement in its commitment to clean energy and efficiency
According to the bank, 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.
Akinwumi Adesina, president of AfDB, said, “We will help Africa unlock its full energy potential, while developing a balanced energy mix to support industrialisation. Our commitment is to ensure 100 per cent climate screening for all bank financed projects.”
The share of renewable energy projects as a portion of the bank’s portfolio of power generation investments increased from 14 per cent in 2007-2011, to 64 per cent in 2012-2016.
The Africa Renewable Energy Initiative (AREI), which aims to deliver 300 GW of renewable energy in 2030 and 10 GW by 2020, is now based within the Bank. The G7 has promised to commit US$10bn to support the initiative, which came out of COP21 and subsequently approved by the African Union.
In November 2017, the African Bank Group approved its Second Climate Change Action Plan, 2016-2020 (CCAP2) as a message of its commitment to helping African countries mobilise resources to support the implementation of the Intended Nationally Determined Contributions of Regional Member Countries, in ways that will not hinder development.
The CCAP2 is designed to incorporate the Bank’s High 5 priorities in the Paris Agreement, the 2030 development agenda, the Bank’s Green Growth Framework and the lessons learned in the implementation of the first climate change action plan (CCAP1), 2011-2015.
Additionally, as part of its wider mandate under the New Deal on Energy for Africa, the Board of Directors of the AfDB recently approved an investment of US$20mn in the Evolution II Fund −a Pan-African clean and sustainable energy private equity fund.
