Tuesday, March 17

Tag: AfDB

AfDB partners with groups to support green electricity startups in Africa
16Mar By Emeka OkaforNo Comments
Reports

AfDB partners with groups to support green electricity startups in Africa

This year, the African Development Bank Group (AfDB) and various contributors have allocated over $2 billion to foster the growth of green energy startups in Nigeria and throughout Africa. The Leveraging Energy Access Finance Framework (LEAF), which the AfDB endorsed in February, stipulates that the Bank will dedicate up to $164 million to advance decentralized renewable energy in six African countries. In Ghana, Guinea, Ethiopia, Kenya, Nigeria, and Tunisia, the $800 million initiative will promote investments from both commercial and local currencies to amplify the activities of decentralized renewable energy firms. Approximately 18 decentralized renewable energy initiatives are expected to receive LEAF funding, thereby providing access to six million households and businesses, and yiel...
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COP 27: Natural gas necessary for Africa to supplement renewable energy sources – AfDB
16Mar By Emeka OkaforNo Comments
Reports

COP 27: Natural gas necessary for Africa to supplement renewable energy sources – AfDB

Dr. Akinwunmi Adesina, the leader of the African Development Bank (AfDB) Group, expressed that natural gas is essential for Africa to enhance its renewable energy capabilities. He made these remarks during an interview held outside the ongoing COP 27 summit in Egypt. Dr. Adesina asserts that ensuring sufficient energy necessitates the utilization of natural gas: “Africa requires natural gas to augment its renewable energy. Even if Africa were to increase its natural gas output threefold from current figures, its share in global emissions would only increase by 0.67%. “Natural gas is crucial to stabilizing the electricity supply due to the fluctuating nature of renewables. We must acknowledge the unique position of Africa. The continent experiences the highest rates of energy deprivatio...
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AfDB reveals Africa’s 2021 share of global green bonds
16Mar By Emeka OkaforNo Comments
Reports

AfDB reveals Africa’s 2021 share of global green bonds

Africa’s portion of the worldwide green bond market in 2021, as stated by Dr. Akinwumi Adesina, leader of the African Development Bank (AfDB) Group, was 0.26%. This assertion was made during a discourse at the Alliance for Green Infrastructure in Africa’s COP 27 inauguration (AGIA). AGIA is a newly minted platform designed to accelerate the development of green infrastructure in Africa as part of our collective endeavor to attain net-zero emissions. The AfDB, alongside Africa50, is launching the alliance for green infrastructure in partnership with the African Union Development Agency, the European Investment Bank, the European Bank for Reconstruction and Development, and the Rockefeller Foundation. In February 2022, the AfDB announced its intention to collaborate with global partners to...
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AfDB partners AUC to develop digital market in Africa
16Mar By Emeka OkaforNo Comments
Reports

AfDB partners AUC to develop digital market in Africa

A funding agreement for $9.73 million has been formalized by the African Union Commission (AUC) alongside the African Development Bank (AfDB) to promote the expansion of the continent's digital marketplace. This agreement pertains to the execution of Phase 1 of the Upstream Project aimed at Digital Market Development in Africa, as stated in a release on the AfDB website on Friday. The signing occurred on Thursday at the AUC’s headquarters in Addis Ababa, Ethiopia. Both Dr. Abul Kamara, the Deputy Director-General of the AfDB for the East Africa Region, and Amb. Albert Muchanga, the AUC Commissioner responsible for Economic Development, Trade, Tourism, Industry, and Minerals, endorsed the agreement. In September, the AfDB Board of Directors granted its approval for the allocation of sev...
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