• Home
  • Photo News
  • News
    • NGO/CSO
    • Photo News
    • OrientalNews 7th Anniversary
    • Press Releases
    • World News
    • Nigeria News
    • Politics
    • Opinion
    • Sports
  • Interviews
  • SMEs
  • Law
    • Crime
  • Travel & Tours
    • Aviation
    • Tourism
  • Energy
    • Oil & Gas
    • Power
  • Business
    • Banking & Finance
      • Capital Market
      • Money Market
    • Pension
    • Insurance
    • Brands & Marketing
    • IT & Telecoms
    • Labour
    • Agriculture
    • Maritime
    • Property
    • Manufacturing
  • Regulators
    • Nigeria Bureu of Statistics
    • PENCOM
    • NAICOM
    • SEC
    • NSE
    • CBN
Facebook X (Twitter) Instagram
Saturday, June 21
  • About us
  • Terms of use
  • Privacy Policy
  • Disclaimer
  • Advertize here
  • Contact us
Facebook X (Twitter) Instagram
Oriental News Nigeria
  • Home
  • Photo News
  • News
    • NGO/CSO
    • Photo News
    • OrientalNews 7th Anniversary
    • Press Releases
    • World News
    • Nigeria News
    • Politics
    • Opinion
    • Sports
  • Interviews
  • SMEs
  • Law
    • Crime
  • Travel & Tours
    • Aviation
    • Tourism
  • Energy
    • Oil & Gas
    • Power
  • Business
    • Banking & Finance
      • Capital Market
      • Money Market
    • Pension
    • Insurance
    • Brands & Marketing
    • IT & Telecoms
    • Labour
    • Agriculture
    • Maritime
    • Property
    • Manufacturing
  • Regulators
    • Nigeria Bureu of Statistics
    • PENCOM
    • NAICOM
    • SEC
    • NSE
    • CBN
Oriental News Nigeria
Home»Energy»Power»ADB To Commit $12bn To Boost Renewable Energy In Africa
Power

ADB To Commit $12bn To Boost Renewable Energy In Africa

By orientalnewsngNovember 21, 2016No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

akin-adesina-adb
Yemisi Izuora

The African Development Bank,ADB has expressed its willingness to provide $12 billion for renewable energy projects, around Africa.

The initiative is intended to help countries mobilise funds to accelerate access to electricity.

The multilateral financial institution said the funds will be spent over the next five years under the African Renewable Energy Initiative of the Africa Union (AU).

The initiative targets to deliver 10GW of electricity by 2020 and 300GW by 2030.

Speaking at the recently ended UN-led climate change talks in Marrakech, Morocco, the African Development Bank (AfDB) officials said the financing will empower countries to scale up harnessing of their renewable energy potential.

The Bank’s president Akiwumi Adesina said the fund will help African countries add value to what they produce, speed up industrialisation and move to the top of the global value chain.

Adesina explained that through the new facility, the AU countries will be expected to re-position themselves to implement the Paris Climate Change Agreement.

The Paris Agreement, which came into force on 4 November 2016, consists of 200 countries that have agreed to limit global warming to 2°C above pre-industrial levels.

The AfDB’s President also noted that on top of the $12 billion that the bank has earmarked for the initiative, Germany has committed €2 million ($2.1 million) towards the project, adding that France also committed €6 million ($6.3 million) to support the AfDB Independent Delivery Unit.

Also at the COP22 meeting, the bank received additional funding commitment from the United States Agency for International Development (USAID) through the Power Africa initiative.

The Bank-led Sustainable Energy Fund for Africa (SEFA) initiative was awarded a second tranche of funding of $11 million by USAID, in fulfilling its overall commitment of $20 million.

AfDB’s Vice-President for power, energy, climate and green growth, Amadou Hott, remarked that the second tranche will expand work by SEFA already underway in support of project preparation as well as enabling environment reforms for private sector-led renewable energy projects.

Hott said: “Reaching universal access by 2025 will require us at the African Development Bank and our partners to build a robust and dynamic pool of skills, finance and technical content to effectively, efficiently and urgently reach communities that are most in need.”

Share this:

  • Share
  • Email
  • Tweet
  • Reddit
ADB To Commit $12bn To Boost Renewable Energy In Africa featured
orientalnewsng

Related Posts

NERC Issues Deadline For Integration Of Operations With SCADA/EMS

June 19, 2025

Aba Power To Start Local Smart Meter Assembly In Aba

June 19, 2025

Can Nigeria sustain electricity subsidies? 

June 11, 2025

Leave A Reply Cancel Reply

The latest
  • UCAMWAL Launches Two New Mutual Funds In Francophone West Africa
  • BNY Mellon, Standard Bank to Facilitate Access to Nigerian Naira Debt — Bloomberg
  • Firm Arraigned For Illegal Capital Market Operations 
  • Police Affairs Ministry Expects Positive Outcome After Personnel Performance Contract Agreement 
  • Eagle Theatre Drama Series Debut On EFCC Radio
  • Man Arraigned For Alleged  N5bn Money Laundering
  • LUTH’s Breakthrough In Bone Marrow Transplant Raises Hope On Sickle Cell Treatment
  • FG To Provide Light Rail For Kaduna State
  • Media Rights Agenda Launches Practical Guide For Media On Leveraging Digital Tools
  • NEITI To Release Policy Brief On Sub National Debt Development Financing And Nigeria Tax Reforms.
Categories
Quick Links
  • About us
  • Terms of use
  • Privacy Policy
  • Disclaimer
  • Advertize here
  • Contact us
Facebook X (Twitter) Instagram YouTube LinkedIn
Copyright © 2025 Oriental News Nigeria. All right reserved.

Type above and press Enter to search. Press Esc to cancel.