Source: Institute for Energy Economics and Financial Analysis
Renewable energy, particularly solar power, is the key to driving economic development in Africa and combating climate change, the president of the African Development Bank said, whilst committing to $25 billion in new climate financing between 2020 and 2025.
“Africa has 11 terawatts of solar power potential: that’s the largest we find anywhere in the world” Akinwumi Adesina told the Financial Times on the sidelines of the One Planet Summit in Nairobi.
Since Mr Adesina was appointed president of the African Development Bank in 2015 the multilateral lender has increased the renewable power share of its energy portfolio to 95 per cent from 59 per cent and says it will continue to drive capital towards green energy projects.
The AfDB last year closed funding on the Yeleen rural electrification project in Burkina Faso, the first stage in a planned $10 billion investment to build the largest solar zone in the world across the semi-arid Sahel region where drought and deforestation are leading to famine and migration.
The AfDB also launched a new facility to provide concessional finance to projects that can help countries to deliver baseload power with renewable energy sources. Many countries still rely on fossil fuels to provide the baseload power required to run the grid.