The African Development Bank (AfDB) said it had achieved 100 per cent investment in renewable energy this year to clean energy and efficiency.
President of the bank, Dr Akinwumi Adesina, announced this in a statement signed by the Bank’s Communications Officer, Mr Emeka Anuforo, on Thursday in Abuja.
Adesina said that the Board of Directors on Dec. 15 approved an investment of $20m in the Evolution II Fund, a Pan-African clean and sustainable energy private equity fund.
He said that the Bank’s investment in Evolution II Fund reflected the High Five development priorities of the bank.
The president said that the agenda was to light up and Power Africa, adding that the bank’s commitment was to promote renewable energy and efficiency in Africa.
He said that the Evolution II Fund was expected to contribute to green and sustainable growth by creating 2,750 jobs and building on the track record of the Evolution One Fund that created 1,495 jobs, of which 20% were for women.
Adesina said it also 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.
The president said that Power generation projects with a cumulative 1,400 megawatts exclusively from renewables were approved during the year.
He said that this was a plan to increase support for renewable energy projects in 2018 under the new deal on energy for Africa.
“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 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,” Adesina said.
Adesina said that the Africa Renewable Energy Initiative) goal was to deliver 300 Gigawatts of renewable energy in 2030 and 10 GW by 2020.
He added that “is now based within the Bank as requested by African Heads of State and Government.
“The G7 has promised to commit $10bn to support the initiative, which came out of COP21 and subsequently approved by the African Union.
“On November 8, this year, the African Bank Group approved its second Climate Change Action Plan, 2016-2020 as a clear message of its commitment to helping African countries mobilise resources.”
He said such resources would support the implementation of the Intended Nationally Determined Contributions of Regional Member Countries in ways that would not hinder development.
Adesina said that the approval of the action plan echoed discussions at COP23 in Bonn, Germany, was 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.
He said that the CCAP2 was designed to incorporate the Bank’s High Five priorities in the Paris Agreement.
Adesina added that 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 was part of its wider mandate under the new deal on energy for Africa.
He said that in line with its commitment to renewable energy and ongoing institutional reforms, in the first quarter of the year, the Bank appointed Ousseynou Nakoulima as the Director for Renewable Energy and Energy Efficiency. – NAN.
