[Côte d’Ivoire] IFC and government release renewable energy targets
IFC, a member of the World Bank Group, and Côte d’Ivoire’s Ministry of Petroleum, Energy, and Renewable Energy Development have released a roadmap study that outlines pathways for achieving the country’s Nationally Determined Contribution (NDC) target of producing 42 percent of the country’s power by renewable energy resources in 2030.
“Unlocking Private Investment: A Roadmap to achieve Côte d’Ivoire’s 42 percent renewable energy target by 2030” results from substantive dialogue among more than 100 energy sector stakeholders, including the country’s public, private, civil society, and development finance sectors. It captures a variety of challenges and proposes solutions that, with the support of government and other actors, will help Côte d’Ivoire reach its NDC target.
The NDC commitments made by countries during the landmark 2015 Paris Agreement have generated enormous opportunities for climate-smart investment in a variety of sectors.
According to a recentstudy by IFC, these NDCs represent an estimated $23 trillion in global investment potential. Côte d’Ivoire aims to be an economic engine for West Africa as well as a trailblazer for scaling renewable energy technologies and is the first country to analyze its own commitments with the goal of identifying private sector investment opportunities
Alzbeta Klein, IFC Director and Global Head of IFC Climate Business, said, “Côte d’Ivoire aims to be an economic engine for West Africa as well as a trailblazer for scaling renewable energy. With the right government policies in place, achieving the renewable energy target in full can create a $9 billion investment opportunity by 2030.”
The Roadmap also focuses on Côte d’Ivoire’s goal of achieving near-universal energy access by 2020. The Roadmap’s next steps include developing a platform for continued engagement among stakeholders. IFC will continue to work with private sector, government of Côte d’Ivoire and other development partners to facilitate continuing dialogue.
IFC plays a key role in advancing private sector climate solutions. In FY18, IFC invested more than $3.8 billion with an additional $3.2 billion in core mobilization in long-term financing in climate-smart industries ranging from renewable power generation to energy efficiency, climate-smart agribusiness, green finance, and green buildings.