In line with its High five development priorities and in particular, its agenda to Light up and power Africa, the African Development Bank plans to reach 29.3 million people in African with electricity by 2020.
The President of the Bank, Akinwumi Adesina, made this disclosure at the UN Economic Commission for Africa; in Addis Ababa, Ethiopia, He pledged support for the New Way of Working as “crucially important” and indicated that it requires a new way of tackling development issues.
“The African Development Bank is today at the forefront of investing in renewable energy in Africa. The share of renewable energy in the Bank’s energy portfolio increased from 14% to 100% last year.
Our support last year alone provided 3.8 million Africans with access to electricity. And, with adequate financing, we expect to reach 29.3 million people with access to electricity between 2018 and 2020.”
Adesina called on UN Secretary General to join him in supporting the Green Climate Fund and the Global Environment Facility; to also work differently, and step up support to co-pay for climate risk insurance for vulnerable
African countries; noting that African countries, hit by climate change, are hard pressed to find funds to pay the insurance premiums.
The Bank will support African countries to pay for insuring themselves against catastrophic weather events that displace their public expenditures. It plans to provide US $76 million in 2018 for the payment of insurance premiums.
Latest figures indicate that over 20 countries have indicated interest in participating in the Bank-supported initiative.
The Bank has also committed to triple its climate financing to 40% of new approvals by 2020.
AfDB is deploying programs and actions to combat fragility and strengthen resilience.
This, the President explained, includes the Sahel region with a US $261-million program; the Horn of Africa with a $281.6-million program; and, for Lake Chad, now seriously affected by the degradation of its productive ecosystems, a US $101-million program to restore the productivity of the basin ecosystem.
The Desert to Power initiative spearheaded by the Bank aims to turn Africa’s deserts into new sources of energy, by working with partners to develop 10,000 MW of solar power systems across the Sahel.
The initiative is expected to provide electricity to 250 million people, with 90 million of these provided through off-grid systems.
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