BY Vivian Chime
The African Development Bank (AfDB) and the International Energy Agency are set to launch a joint report on financing clean energy in Africa on the sidelines of the Africa Climate Summit in Nairobi.
The AfDB said the pioneering report aims to inspire capital providers, multilateral development banks, development finance institutions, philanthropies and governments to amplify and replicate successful clean energy projects across the continent.
The bank said the collective action is intended to “deliver a multiplier effect and support a cycle of change in the financing landscape, contributing to achievement of universal energy access (SDGD7) in Africa.”
The report, the statement adds, draws on AfDB’s case studies from across the continent to highlight viable solutions that contribute to scaling up energy investment.
It also looks to improve the achievement of universal access to modern energy, as well as climate-related and sustainable development goals.
Representatives of development partners, capital providers and project developers will present key findings of the report during an interactive panel discussion following the launch.
Kenyan President William Ruto will deliver the welcome address at the launch which will take place at the Kenyatta International Convention Centre (KICC).
Fatih Birol, executive director of the International Energy Agency (IEA), and Akinwumi Adesina, AfDB president, will launch the report.
The Africa climate summit, scheduled to take place from September 4 to 6, aims to bring together African leaders and stakeholders to drive green growth and climate finance solutions for the continent.
The summit will also serve as a platform for the continent’s stakeholders to deliberate on the interconnectedness of climate change, Africa’s development reality, and the need to push for increased investment in climate action globally, specifically in Africa.
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