Africa50, IRENA to Commit $100 million to Accelerate Access to Renewable Energy Across Africa
According to a statement released Tuesday in Vienna, the investment is sequel to an agreement between Africa50 and the International Renewable Energy Agency (IRENA).
The $100 million investment signed on the margins of the OPEC Fund Development Forum in Vienna by IRENA Director-General, Mr. Francesco La Camera and Africa50 CEO, Mr. Alain Ebobissé would be channeled through IRENA’s Energy Transition Accelerator Financing (ETAF) platform.
It aimed to reinforce efforts towards sustainable development and climate action across the continent and afford significant access to electricity by millions of people in the African continent.
“With Sub-Saharan Africa representing the majority of those impacted”, Francesco La Camerawe said “we must be diligent and committed to urgently addressing this growing issue. Renewables represent the most effective, climate-safe solution available, and this partnership with Africa50 will be pivotal in strengthening the ETAF Platform’s impact across Africa”.
The CEO of Africa50, Ebobissé, was also of view that “the continent must focus on the dual goals of reducing emissions and accelerating economic development.
Investing in and developing transformational renewable infrastructure is a critical step to achieving net-zero, he added.