The International Renewable Energy Agency (Irena) and the African Development Bank (AfDB) will jointly support investment in low-carbon energy projects, a move which is expected to advance Africa’s energy transition.
The two entities have signed a declaration of intent to coordinate on a range of activities, including co-organising renewable energy investment forums as part of Irena’s contribution to the Climate Investment Platform, and collaboration on the AfDB’s yearly flagship Africa Investment Forum event.
The partnership will also focus on enhancing the role of renewable energy in African countries’ meeting their nationally determined contributions under the Paris Agreement and other sustainable development objectives.
“Driven by the aspiration to harness Africa’s huge renewable energy potential, the AfDB is today at the forefront of investing in renewable energy in Africa.
"The bank’s partnership with Irena will advance this aspiration and support Africa’s energy transition and our goal to achieve universal access to affordable, reliable, sustainable and modern energy in Africa by 2030,” says AfDB power, energy, climate and green growth VP Kevin Kanina Kariuki, who signed on the bank’s behalf.
Irena director-general Francesco La Camera says the agreement represents the type of coordinated international cooperation that is the cornerstone of the realisation of sustainable development in Africa and the achievement of the Paris Agreement goals.
“We will pursue an action-oriented agenda that puts African countries on a path to realising their full renewable energy potential.”
Earlier this year, Irena released its 'Global Renewables Outlook' report, which revealed that sub-Saharan Africa could generate as much as 67% of its power from indigenous and clean renewable energy sources by 2030.
Such an energy transition, analysis suggests, would boost gross domestic product, improve welfare and stimulate the creation of up to two-million additional green jobs in the region by 2050.
“The African continent has some of the most abundant renewable energy resources in the world and the potential to transform outcomes for millions of people through the accelerated deployment of a renewables-based energy system,” La Camera notes, adding that renewables will increase energy security, create green jobs, advance energy access, including clean cooking, and help build resilient African economies.
The pact is also expected to pave the way for collaboration on the AfDB's Desert to Power Initiative, which aims to mobilise public and private funding to install 10 GW of solar power in 11 countries in Africa’s Sahel region by 2025.