African Development Bank (AfDB) Commits $1.1 Billion To Boost Geothermal Development
Financing Change, an AfDB report has revealed expected results from a programme financed by the bank with $1.1 billion and Climate Investment Funds (CIF) with $420 million in order to reduce annual CO2 emissions by 6.9 million tones and connect 1.3 million households and businesses to electricity.
The series of project which are underway in Kenya, Morocco, Mozambique, Niger and South Africa, will see nearly 42,000 hectares of land newly dedicated to climate-resilient activities, and 150,000 farmers gain access to climate information, including 50,000 women farmers and 3,000 villages.
A publication of the African Development Bank’s Energy, Environment and Climate Change Department (ONEC), the report features a review of the Bank’s support to 17 African countries through its CIF portfolio, which is channeling $1 billion – more than a third of all CIF investment in Africa – to Africa, with the Energy, Environment and Climate Change Department leading the institutional charge.
The report also highlights the work underway with the AfDB and other CIF partners and stakeholders to continue improving the CIF’s effectiveness – exploring new tools and mechanisms, enhancing and simplifying the approach to measuring results, and brokering climate knowledge from the nation.
Established in 2008 as one of the largest fast-tracked climate financing instruments in the world, the $7.6 billion CIF provides developing countries with grants, concessional loans, risk mitigation instruments, and equity that leverage significant financing from the private sector, multilateral development banks, (MDBs) and other sources. Five MDBs – the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank (IDB), and World Bank Group (WBG) – implement CIF-funded projects and programs.
Source: VENTURE AFRICA