Page 14 - AfrElec Week 13

AfrElec
NEWS IN BRIEF
AfrElec
impact of this pandemic on its regional member countries and Africa’s private sector.
“These are critical times for Africa as it addresses the challenges resulting from the Coronavirus. The African Development Bank is taking bold measures to support African countries. This $3bn Covid-19 bond issuance is the first part of our comprehensive response that will soon be announced.,” said Dr. Akinwumi Adesina, President of the African Development Bank Group.
Coronavirus cases were slow to arrive in Africa, but the virus is spreading quickly and has infected nearly 3,000 people across 45 countries, placing strain on already fragile health systems.
It is estimated that the continent will require many billions of dollars to cushion the impact of the disease as many countries scrambled contingency measures, including commercial lockdowns in desperate efforts to contain it.
Globally, factories have been closed and workers sent home, disrupting supply chains, trade, travel, and driving many economies toward recession.
The Bank established its Social Bond framework in 2017 and raised the equivalent of $2bn through issuances denominated in Euro and Norwegian krone. In 2018 the Bank was designated by financial markets, ‘Second most impressive social or sustainability bond issuer” at the Global Capital SRI Awards.
“We are thankful for the exceptional
level of interest the Fight Covid-19 Social Bond has raised across the world, as the African Development Bank moves towards lessening the social and economic impact of the pandemic on a continent already severely constrained,” said Hassatou Diop N’Sele,
Treasurer, African Development Bank. Fight Covid-19 was allocated to central banks and official institutions (53%), bank
treasuries (27%) and asset managers (20%). Final bond distribution statistics were as follows: Europe (37%), Americas (36%), Asia (17%) Africa (8%,) and Middle-East (1%). AFDB
INVESTMENT
IRENA, UNDP call for $70bn
of investment in African
renewables
Falling technology costs have made renewable energy a cost-effective way to generate power in countries all over the world, which would drive further development and improved economy.
Africa has the potential to install 310GW of renewables power if $70bn is invested by 2030.
Despite the tremendous efforts that have been deployed at national and regional levels, 580mn Africans still do not have access to modern sources of electricity.
A strategic partnership between IRENA and the United Nations Development Programme (UNDP) is working to solve this challenge by unlocking the capital necessary to help Africa realise its full renewable energy and economic potentials.
IRENA’s Scaling Up Renewable Energy Deployment in Africa shows that Africa
has the potential to install 310GW of clean renewable power—or half the continent’s total
electricity generation capacity—to meet nearly a quarter of its energy needs by 2030.
t is therefore crucial for Africa to step up its efforts to generate significant investments and business opportunities to boost the growth of renewable energy in the continent.
IRENA estimates that Africa requires an annual investment of $70bn in renewable energy projects until 2030 for clean energy transformation to take place. The clean energy access would increase energy security, create green jobs, and support key developing outcomes such as improved healthcare and education. Additionally, renewable energy deployment would curb the rising carbon emissions and enhance Africa’s resilience to climate change impacts.
IRENA used the occasion of Africa Energy Indaba as an opportunity to share further insights on ways to support Africa in its energy transition journey, which includes
the Climate Investment Platform (CIP) – an initiative that is now open for registrations from project developers and partners.
CIP is designed to scale up climate action and catalyse the flow of capital to clean energy initiatives.
The platform will add a significant value to Africa’s efforts to increase the share of renewables in its energy sector, as it serves to facilitate the matchmaking of bankable projects with potential investors.
IRENA
INVESTMENT
AfDB approves EUR62.3mn
for Côte d’Ivoire for rural
power
The African Development Bank has approved a loan of EUR62.35mn to Côte d’Ivoire to finance the first phase of the PROSER I project, which will strengthen the country’s electric system I.
The project will take four years to complete. It will allow the connection to the electricity network of 1,388 localities, of which 1,039 (75%) have less than 500 inhabitants and so far not affected by the first operations financed by the Bank and the others Development partners.
The electrification of the 1,388 localities within the framework of this project will bring the national coverage rate to 100%.
“This rural electrification project constitutes a contribution to the equitable redistribution of the fruits of the economic growth that the country has experienced for
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Week 13 02•April•2020