ADF and Climate Change, by Bobby Pittman, Vice President, Infrastructure, Private Sector and Regional Integration
A strong replenishment of the African Development Fund will enable us to meet the growing demand for investment in clean, renewable energy from our African borrowing members.
Africa has done very little to contribute to global climate change problems; however, both the public and private sectors in Africa are keen to contribute to the solution by investing in renewable energies and energy efficiency, to ensure a low carbon economic growth.
We have a rapidly growing pipeline of wind, hydro, co-generation, geothermal and solar power projects. We are working with our clients to help them access the possible climate finance via the Clean Development Mechanism, the Global Environmental Facility, or the Climate Investment Funds as the case may be.
These climate finance tools, when eligible, would at best finance a portion of the needed costs to make the projects happen. The ADF resources and other co-financing solutions are essential to take the renewable energy projects forward while keeping them consistent with the affordability threshold required in Africa Low Income Countries.