- Post by Admin on sunday, March 05, 2015
The African Development Bank has achieved a 100 per cent investment in renewable energy in 2017, a major landmark in its commitment to clean energy and efficiency. Power generation projects with a cumulative 1,400 megawatts exclusively from renewables were approved during the year, with plans to increase support for renewable energy projects in 2018 under the New Deal on Energy for Africa.
AfDB President, Akinwumi Adesina 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 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 to 2011, to 64 per cent in 2012 to 2016. He Africa Renewable Energy Initiative (AREI) whose goal is to deliver 300 Gigawatts (GW) of renewable energy in 2030 and 10 GW by 2020, is now based within the Bank, as requested by African Heads of State and Government.
Photo Caption: ADB President Akinwunmi Adesina