IRENA, AfDB partner to scale up renewable energy investments in Africa
The International Renewable Energy Agency (IRENA) and the African Development Bank have agreed to jointly support investment in low carbon energy projects.
The two entities signed a Declaration of Intent to coordinate on a range of activities, including co-organizing renewable energy investment forums as part of IRENA’s contribution to the Climate Investment Platform, and collaboration on the bank’s annual Africa Investment Forum event. The partnership will also focus on enhancing the role of renewable energy in African countries’ Nationally Determined Contributions under the Paris Accord and other sustainable development objectives.
The pact is also expected to pave the way for collaboration on the African Development Bank’s Desert to Power Initiative, which aims to mobilize public and private funding to install 10GW of solar power by 2025 in 11 countries in Africa’s Sahel region.
