The African Development Bank announced it has achieved a 100% investment in renewable energy in 2017, a major landmark in its commitment to clean energy and efficiency.
Power generation projects with a cumulative 1,400 MW from renewables were approved during the year, with plans to increase support for renewable energy projects in 2018 under the New Deal on Energy for Africa.
The share of renewable energy projects as a portion of the bank’s portfolio of power generation investments increased from 14% in 2007-2011, to 64% in 2012-2016.
According to Bank President, Akinwumi Adesina, “We will help Africa unlock its full energy potential, while developing a balanced energy mix to support industrialization. Our commitment is to ensure 100% climate screening for all Bank financed projects.’’
To further support this aim, on Dec. 15, 2017, the Board of Directors of the AfDB approved an investment of $20 million in the Evolution II Fund −a Pan-African clean and sustainable energy private equity fund.
The bank’s investment in Evolution II Fund reflects the High 5 development priorities of the bank, the agenda to light up and Power Africa, and the bank’s commitment to promote renewable energy and efficiency in Africa.
The Evolution II Fund is expected to contribute to green and sustainable growth by creating 2,750 jobs and building on the track record of the Evolution One Fund (which created 1,495 jobs, of which 20 percent were for women, and generated 838 MW of wind energy and 87MW Solar PV energy). It is estimated that the Evolution One Fund achieved 1,190,469 of CO2 emission savings annually
In line with its commitment to renewable energy and ongoing institutional reforms, in the first quarter of 2017, the Bank appointed Ousseynou Nakoulima as the Director for Renewable Energy and Energy Efficiency. He brings global experience in developing and managing programs and partnerships for driving renewable energy, from his work at the Green Climate Fund.