AFDB green energy investments achieve 1,400MW power generation projects
03 January 2018 |
3:27 am
The African Development Bank (AfDB) said it has achieved a 100 per cent investment in renewable energy in the outgoing year, 2017, and also recorded a cumulative of 1,400 megawatts (MW) power generation projects exclusively from renewables within the year under review.
The African Development Bank (AfDB) said it has achieved a 100 per cent investment in renewable energy in the outgoing year, 2017, and also recorded a cumulative of 1,400 megawatts (MW) power generation projects exclusively from renewables within the year under review.
These marked major achievements in its commitment to clean energy and efficiency with plans to increase support for renewable energy projects in 2018, under the New Deal on Energy for Africa.The AfDB President, Akinwumi Adesina, in a statement from the Bank said: “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 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 goal is to deliver 300 Gigawatts (GW) 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 had also promised to commit $10billion to support the initiative, which came out of COP21, and subsequently approved by the African Union.On November 8, 2017, the African Bank Group approved its Second Climate Change Action Plan, 2016-2020 (CCAP2) as a clear 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 approval of the action plan echoes discussions at COP23 in Bonn, Germany to strengthen the global response to the threat of climate change and achieve the Paris Agreement’s goal of keeping global temperature rises to 1.5C.The CCAP2 is designed to incorporate the Bank’s High five 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
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 $20million 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 five 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 per cent were for women, and generated 838 MW of wind energy and 87MW Solar PV energy). It is estimated that the Evolution One Fund achieved 1,190,469 of Carbon dioxide (CO2) emission savings annually
Related
Latest
24 mins ago
The University of Nigeria Nsukka (UNN) on Tuesday suspended Mfonobong David Udoudom, a lecturer in the General Studies division, who was caught in a video allegedly harassing a female student. The university said that the indefinite suspension is with immediate effect pending the outcome of a disciplinary panel constituted to investigate the incident. UNN spokesperson,…
50 mins ago
Davido has reacted to accusations by song producer Napji that he failed to pay his royalties for the production of his songs. Napji alleged he is the brain behind three of Davido’s hit songs. In an “X” post, he disclosed that he produced the songs ‘Jowo’, ’Fem’ and Sunlight In the album' A better time’,…
1 hour ago
The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has accused the former Kogi state Governor, Yahaya Bello, of withdrawing $720,000 from state's account to pay for his child’s school fees in advance. Olukoyede disclosed this during a press briefing on Tuesday, April 23. "A certain governor, because he knows he is…
1 hour ago
Nollywood actor, Olanrewaju James, popularly known as Baba Ijesha, has filed an appeal with the Court of Appeal. The actor filed the appeal at the Lagos Division, seeking to overturn his conviction by a Lagos State High Court for the sexual assault of a minor. Baba Ijesha, represented by his counsel Kayode Olabiran, argued that…
1 hour ago
The Economic and Financial Crimes Commission (EFCC) has frozen over 300 accounts over suspicious forex flows. The EFCC chairman, Ola Olukoyede, who stated this on Tuesday said the agency discovered a new financial scheme that poses a significant threat to the stability of the foreign exchange market. According to Olukoyede, the scheme, known as the…
1 hour ago
Due to popular demand, Founders Connect Live returns for an even more electrifying event on Saturday, May 25, 2024. In partnership with Africhange, this highly anticipated event promises to be a convergence of entrepreneurs, investors, innovators, creators, and tech talents who will come together for an exciting day of invaluable networking, thought-provoking conversations, and innovative…
1 hour ago
Music Producer Kehinde Emmanuel, popularly known as Napji has accused Davido of not paying him his full royalties. Napji alleged he is the is the brain behind three of Davido's hit songs. In an "X" post, he disclosed that he produced the songs ‘Jowo’, ’Fem’ and Sunlight In the album A better time', but has…
2 hours ago
The coalition of opposition lawmakers in the 10th National Assembly known as the G60 has faulted the amendment and passage of the Rivers State Local Government (Amendment) Bill by the State House of Assembly. The Rivers State House of Assembly had on Monday passed the amended Bill into law overriding the assent of Governor Siminalayi…
2 hours ago
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has vowed to resign his position if former Kogi State governor Yahaya Bello is not prosecuted. Olukoyede said this in a chat with journalists at the EFCC Headquarters in the Jabi area of Abuja on Tuesday. The EFCC is seeking to arraign Bello…
2 hours ago
Former Minister of Aviation, Hadi Sirika, has been apprehended by the Economic and Financial Crimes Commission (EFCC) over an alleged N8 billion fraud. The PUNCH reports EFCC arrests Sirika over N8bn Nigeria Air fraud that Sirika got to the EFCC's Federal Capital Territory (FCT) Command in Abuja around 1pm on Tuesday. Sirika is currently being…
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.