AFRICA – Africa50 has joined the Energy Transition Accelerator Financing (ETAF) platform of the International Renewable Energy Agency (IRENA), pledging to invest US$100 million in renewable energy projects across Africa.
This partnership brings Africa50 alongside 13 other investors in the ETAF initiative.
The partnership agreement was signed by Alain Ebobissé, Director of Africa50, and Francesco La Camera, Director General of IRENA, at the OPEC Fund for International Development (OFID) Development Forum in Vienna, Austria.
The investment will finance and co-finance energy transition projects and renewable energy infrastructure across the continent.
The ETAF platform, launched three years ago with support from the United Arab Emirates (UAE), aims to implement Nationally Determined Contributions (NDCs) in developing countries through clean energy deployment.
“The African continent must focus on reducing emissions and accelerating economic development,” said Alain Ebobissé.
“The investment and development of transformational renewable infrastructure is an essential step towards achieving the goal of carbon neutrality.
“IRENA’s ETAF platform will be an important springboard for increasing and accelerating our investments in renewable energy projects that will ultimately reduce the negative impact of climate change on our populations and contribute to building a more sustainable future.”
In addition to Africa50, the ETAF platform is supported by donors, including OFID, the Abu Dhabi Fund for Development (ADFD), the Inter-American Development Bank (IDB), the European Bank for Reconstruction and Development (EBRD), the Emirates Development Bank (EDB), the Asian Infrastructure Investment Bank (AIIB), and the International Finance Corporation (IFC). Energy producers such as Masdar of the UAE are also involved.
This development follows the announcement of the African Development Bank’s Desert to Power initiative, which aims to bring energy to some of the continent’s least developed and marginalized areas.
This transformative effort seeks to turn Africa’s sun-drenched Sahel region into a solar energy powerhouse, targeting 11 countries: Burkina Faso, Chad, Djibouti, Eritrea, Ethiopia, Mali, Mauritania, Niger, Nigeria, Senegal, and Sudan.
By harnessing the region’s immense solar potential, Desert to Power aims to generate 10 gigawatts of solar power by 2030, facilitating access to electricity for 250 million people.
Dr. Akinwumi Adesina, President of the African Development Bank, described Desert to Power as the Bank’s “baobab” project, emphasizing its transformative potential and the collaborative effort required to effect change.
“Desert to Power is what I call the baobab of projects. It will require all our efforts if we are to effect change,” he stated.
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