Nigeria Poised to Launch Renewable Energy Plan

During the CTF meeting, the AfDB championed Nigeria as it submitted and received endorsement for a USD 250 million investment plan which contains sustainable transport and renewable energy activities.

Although the plan cannot be implemented until sufficient CTF resources become available, “the endorsement is significant because it allows the Bank to mobilize co-financing for transport and low-carbon energy projects within the plan,” Ms. Cheikhrouhou explained. “Nigeria’s plan holds a dual promise, both for long-awaited and badly-needed energy access and for reshaping the global clean energy map with Africa in the lead.”

The AfDB is also helping Ethiopia, Kenya, and Mali develop and implement investment plans under the CIF’s Scaling up Renewable Energy Program in Low Income Countries (SREP), and supporting Burkina Faso, Democratic Republic of Congo, and Ghana as they plan to pilot the CIF’s Forest Investment Program (FIP).

The Climate Investment Funds, worth USD 6.3 billion, provide a financing instrument designed to support low-emissions and climate-resilient development through scaled-up financing channeled through the multilateral development banks, including the AfDB. The CIF funds are the Clean Technology Fund (CTF) and the Strategic Climate Fund (SCF), which compromises the Pilot Program for Climate Resilience (PPCR), the Forest Investment Program (FIP), and the Scaling UP Renewable Energy Program in Low Income Countries (SREP).

This article was originally posted on Sustainable Development Africa Platform

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