France provides €6 million grant to AfDB for the Africa Renewable Energy Initiative
The AREI aims to achieve 10 gigawatts of new renewables by 2020 and mobilize the potential to generate 300 gigawatts by 2030.
The Government of France and the Africa Development Bank (AfDB) on November 6 signed a €6 million agreement for the implementation of the Africa Renewable Energy Initiative (AREI). The resources will help set up the Delivery Unit of the Initiative to be hosted at the AfDB.
The agreement was signed by Ségolène Royal, French Minister for Energy Environment, and Marine Affairs; and Frannie Léautier, Senior Vice-President of the AfDB.
“I strongly welcome France’s contribution to the AREI. I hope that this commitment, will be an important catalyst for others in helping us reach our funding goals as we strive to meet Africa’s future energy needs,” Léautier said.
France’s contribution will help map existing initiatives and programmes for renewable energy development; identify new renewable energy development projects; and monitor priority projects of renewable energy development in Africa among others.
The African Renewable Energy Initiative aims to achieve 10 gigawatts of new renewables by 2020 and mobilize the potential to generate 300 gigawatts by 2030. The Initiative will help African nations put in place low-carbon development strategies while creating jobs, improving energy security and bringing clean, safe and affordable energy to the 640 million Africans who currently lack access to it. It was announced last year during the COP21 Conference in Paris.
The AfDB has worked with the African Union and its partners to fully establish the Delivery Unit. Beyond project financing, the Initiative will help African countries to introduce and manage policies that will allow for rapid and sustainable rollout of renewables technologies, and build institutions and systems for sustaining these investments.
With the signing of the MoU, the Trade and Development Bank becomes the 18th development partner of Power Africa.
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