IRENA, AfDB Join Hands to Scale up Renewables Investments in Africa

As per the agreement signed, the two entities will support the continent’s energy transition under a framework of core activities including co-organising renewable energy investment forums as part of IRENA’s contribution to the Climate Investment Platform, and collaboration on the Bank’s annual Africa Investment Forum.

December 09, 2020. By Manu Tayal

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The International Renewable Energy Agency (IRENA), and the African Development Bank (AfDB), have entered into partnership to work closely together to advance the continent’s energy transition through joint initiatives that support investments in low-carbon energy projects.

As per the agreement signed, the two entities will support the continent’s energy transition under a framework of core activities including co-organising renewable energy investment forums as part of IRENA’s contribution to the Climate Investment Platform, and collaboration on the Bank’s annual Africa Investment Forum.

Furthermore, strong emphasis will be placed on concrete support for enhancing the role of renewable energy in Nationally Determined Contributions and sustainable development objectives.

The agreement was signed by Francesco La Camera, Director-General of IRENA, and Kevin Kanina Kariuki, Vice-President, Power, Energy, Climate and Green Growth at the African Development Bank (AfDB).

Commenting on the partnership, Kevin Kanina Kariuki, Vice-President, Power, Energy, Climate and Green Growth at the African Development Bank (AfDB) said “driven by the aspiration to harness Africa’s huge renewable energy potential, the African Development Bank is today at the forefront of investing in renewable energy in Africa. The Bank’s partnership with IRENA will advance this aspiration and support Africa’s energy transition and our goal to achieve universal access to affordable, reliable, sustainable and modern energy in Africa by 2030.”

“The African continent has some of the most abundant renewable energy resources in the world and the potential to transform outcomes for millions of people through the accelerated deployment of a renewables-based energy system. Renewables will increase energy security, create green jobs, advance energy access, including clean cooking, and help build resilient African economies,” commented Francesco La Camera, Director-General of IRENA.

“This agreement represents the type of coordinated international cooperation that is the cornerstone of the realisation of sustainable development in Africa and the achievement of Paris Agreement goals,” he continued.

He further shared “we will pursue an action-oriented agenda that puts African countries on a path to realising their full renewable energy potential.”

Meanwhile, the agreement also provides for collaboration on the AfDB’s Desert to Power Initiative, which aims to mobilise public and private funding to install 10 GW of solar power by 2025 in 11 countries in the Sahel region of the African continent.

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