New Investments
Africa50 Pledges $100 Million to Boost Renewable Energy in Africa Through IRENA Initiative
The International Renewable Energy Agency (IRENA) has welcomed Africa50, a pan-African infrastructure and investment group, as a new partner in its Energy Transition Accelerator Financing (ETAF) platform.
Africa50 has committed $100 million to fund and co-finance renewable energy infrastructure through IRENA’s ETAF platform.
The agreement, signed during the OPEC Fund for International Development (OFID) Development Forum, strengthens Africa’s pursuit of sustainable development and climate action.
“For the first time in a decade, the number of people without access to electricity in Sub-Saharan Africa has risen sharply,” said Francesco La Camera, Director-General of IRENA.
“For the first time in a decade, the number of people without access to electricity in Sub-Saharan Africa has risen sharply,” said Francesco La Camera, Director-General of IRENA.
“Renewables offer the most effective, climate-friendly solution, and this partnership with Africa50 will be instrumental in amplifying the impact of the ETAF platform across Africa.”
Launched in 2021 with support from the United Arab Emirates, the ETAF platform aims to accelerate renewable energy projects that contribute to developing countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement.
Launched in 2021 with support from the United Arab Emirates, the ETAF platform aims to accelerate renewable energy projects that contribute to developing countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement.
These projects improve energy access and security for communities while promoting economic growth and diversification.
Africa50’s commitment brings the total number of ETAF partners to 14, with combined pledges reaching $4.15 billion.
Africa50’s commitment brings the total number of ETAF partners to 14, with combined pledges reaching $4.15 billion.
This makes ETAF one of the most inclusive financing platforms for a renewable energy-based transition globally.
“Africa must prioritize both emissions reduction and economic growth,” said Alain Ebobissé, CEO of Africa50.
“Africa must prioritize both emissions reduction and economic growth,” said Alain Ebobissé, CEO of Africa50.
“Investing in transformative renewable energy infrastructure is critical to achieving net-zero. IRENA’s ETAF platform provides a springboard to scale up our investments in renewables, ultimately mitigating climate change’s impact on our people and building a more sustainable future.”
The ETAF platform benefits from a diverse group of partners alongside Africa50.
The ETAF platform benefits from a diverse group of partners alongside Africa50.
They include development financiers like OFID, the Abu Dhabi Fund for Development (ADFD), the Inter-American Development Bank (IDB), the European Bank for Reconstruction and Development (EBRD), the Emirates Development Bank (EDB), and the Asian Infrastructure Investment Bank (AIIB).
The International Finance Corporation (IFC), a member of the World Bank Group, and energy companies like Masdar from the United Arab Emirates are also key partners.
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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
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