Kemi Busari
The United Nations and other partners have launched a $5 billion initiative to expand renewable energy capacity in Africa at the ongoing Climate Change Summit in Paris.
The Africa Renewable Energy Initiative is conceived to expand and increase access to renewable energy capacity by 2020.
At least $5 billion in public and highly concessional finance between 2016 and 2020 from bilateral, multilateral and other sources will be needed to leverage a further $15 billion in other investments, for a total investment of at least $20 billion by 2020.
Other initiatives already launched at the summit included efforts to improve access to electricity, energy efficiency, and promotion of renewable energy.
Hundreds of Governments, businesses and financial institutions pledged major action on energy efficiency, recognizing it as the basis of the energy transition.
Share this
