IRENA and AfDB invest in African renewables
Published by Bella Weetch,
Editorial Assistant
Energy Global,
The International Renewable Energy Agency (IRENA), and the African Development Bank (AfDB), have agreed to work closely together to advance the continent’s energy transition through joint initiatives that support investments in low-carbon energy projects.
Under the declaration of intent, the two entities confirmed their wish to collaborate on supporting the continent’s energy transition under a framework of core activities. These include co-organising renewable energy investment forums as part of IRENA’s contribution to the Climate Investment Platform, and collaboration on AfDB’s annual Africa Investment Forum. Furthermore, strong emphasis will be placed on concrete support for enhancing the role of renewable energy in nationally determined contributions and sustainable development objectives.
The joint declaration was signed by Francesco La Camera, General Director of IRENA, and Kevin Kanina Kariuki, Vice-President of Power, Energy, Climate and Green Growth at AfDB.
IRENA’s Global Renewables Outlook report, released earlier in 2020, revealed that sub-Saharan Africa could generate 67% of its power from indigenous and clean renewable energy sources by 2030. Further analysis shows that the energy transition would boost GDP, improve welfare and stimulate up to 2 million additional green jobs in sub-Saharan Africa by 2050.
The declaration also provides for collaboration on the AfDB’s Desert to Power initiative, which aims to mobilise public and private funding to install 10 GW of solar power by 2025 in 11 countries in the Sahel region of the African continent.
The two institutions will also engage in capacity building and knowledge exchange activities to reinforce joint efforts and cooperate on developing regional and national renewable energy case studies.
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Read the article online at: https://www.energyglobal.com/special-reports/10122020/irena-and-afdb-invest-in-african-renewables/
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