Asian Development Bank President hails AfDB’s work on clean energy financing
The African Development Bank’s (AfDB) work in clean energy financing received some welcome recognition last week from Asian Development Bank President (ADB) Takehiko Nakao. The ADB President commended the African Development Bank for its commitment to promoting clean energy investments during the 6th annual meeting of the Asia Solar Energy Forum (ASEF) on Solar Energy Technology Trends and Opportunities held in Tashkent, Uzbekistan, from November 20-23.
Specifically, Nakao recognized the African Development Bank for its investment in the solar energy field. He also emphasized that Africa has better solar energy resources than Asia and that the continent must exploit those resources prudently to fuel its development. Nakao went on to stress the need for collaboration among development finance institutions (DFIs), highlighting a seminar later in the conference where the African Development Bank would share its expertise on financing solar projects. The ADB President emphasized that Africa had solar energy resources that were comparable to the best in Asia.
Youssef Arfaoui, Chief Renewable Energy Specialist, Energy, Environment and Climate Change Department, represented the African Development Bank at the conference. During a session entitled “Solar Development Opportunities in Other Regions and Lessons Learned”, Arfaoui gave a presentation on “Powering the Future on Africa’s Terms – Supporting the Transition Towards Clean Energy”.
“Investing in renewable is important to ensure the energy mix,” said Arfaoui. The African Development Bank played an important role in the forum, which has further reinforced its collaboration with the ADB.
Also during the conference, the First Deputy Prime Minister of Uzbekistan, Rustam S. Azimov, extended warm greetings to the African Development Bank, also noting the need for South-South collaboration with African countries. Given Uzbekistan’s enormous potential of solar energy, the country is poised to developing this energy in the country and in Central Asia.
The collaboration between DFIs is critical for sharing experiences on how to improve services and assist member countries. Cooperation between the Asian Development Bank and the African Development Bank is a key objective for the operations of both banks. It has helped both institutions to exchange ideas, structure and solve issues related to complex projects, and facilitate risk mitigation.
The ASEF is an independent, non-partisan, and non-political knowledge society facilitating solar energy technology transfer across Asia and the Pacific. ADB, together with its partners – the International Energy Agency (IEA), Renewable Energy and Energy Efficiency Partnership (REEP) and United Nations Industrial Organization (UNIDO) – introduced the ASEF as part of a broader initiative to accelerate the development of solar energy in Asia and the Pacific. The solar energy forum is held every year in a different Asian country with the objective of exchanging experiences and promoting the improved use of solar resources.