Africa50, a leading infrastructure investment platform, has committed US$100 million to advance renewable energy initiatives across Africa through its partnership with IRENA’s Energy Transition Accelerator Financing (ETAF) platform. This investment underscores Africa50’s commitment to sustainable development and carbon neutrality on the continent.
The partnership, formalized at the OPEC Fund for International Development (OFID) Development Forum in Vienna, Austria, aims to support Nationally Determined Contributions (NDCs) by funding transformative renewable energy infrastructure projects. Alain Ebobissé, Director of Africa50, highlighted the importance of reducing emissions while accelerating economic growth through strategic renewable energy investments.
IRENA’s ETAF platform, supported by global stakeholders including OFID, ADFD, IDB, EBRD, EDB, AIIB, and IFC, facilitates clean energy deployment in developing countries. This initiative aligns with global efforts to combat climate change and promote sustainable development goals.
In parallel, Africa50’s participation coincides with the African Development Bank’s ambitious Desert to Power initiative, focusing on harnessing solar energy in the Sahel region to generate 10 gigawatts by 2030. This transformative project aims to provide electricity to 250 million people across 11 African countries, driving inclusive growth and development.
Dr. Akinwumi Adesina, President of the African Development Bank, described Desert to Power as a pivotal initiative with far-reaching impact, emphasizing collaboration across sectors to achieve sustainable energy solutions in Africa.
Join Africa50 and IRENA in their commitment to renewable energy development across Africa, paving the way for a sustainable and prosperous future! 🌍⚡️
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