Happening now in one of Side event of Africa Climate Summit 2023, The International Energy Agency (IA) and the African Development Bank Group (AfDB) are jointly launching a report on Financing Clean Energy in Africa. IEA’s Africa Energy Outlook 2022 outlined a new scenario – the Sustainable Africa Scenario – that sees the continent achieve universal energy access by 2030, meet all its climate goals under NDCs and drive economic growth.
The speakers to this side event include H.E William Rute, The president of Kenya, Akinwuni Adessina,President of the African Development Bank Group, Chinua Azubike Chief Executive Officer of InfraCredit, Kome Johnson Azuara The Investment professional at the Africa Finance Corporation and Emma Gordo
To achieve these goals, energy investment on the continent needs to more than double this decade, with two-thirds of spending going towards clean energy. Addressing the question of how to mobilise investment to meet these needs is key for policymakers, capital providers and development institutions to all play their part.
The report provides insights into how to achieve this by analvsing the best approaches to reducing the cost of capital to trigger a cycle of change needed to scale up investments and assessing methods for optimal allocation of different types of capital according to sector and technology. It draws on case studies from the AfDB and across the continent to showcase viable solutions that contribute to scaling up energy investment to achieve universal access to modern energy, climate-related goals and sustainable development in Africa.
The report aims to inspire capital providers, multilateral development banks, development finance institutions, philanthropies and governments to amplify and replicate successful clean energy projects across the continent. This collective action will deliver a multiplier effect and support a cycle of change in the financing landscape, contributing to achievement of universal energy access (SDGD7) in Africa.
The report draws on African Development Bank case studies from across the continent to highlight viable solutions that contribute to scaling up energy investment and to achievement of universal access to modern energy, as well as climate-related and sustainable development goals.
Akinwuni Adessina,President of the African Development Bank Group commenting on the launch confirmed that IAE support to drive the initiative of clean energy trasition and thanked them to be the data machine.
