•  Global Renewable News
BACK SEND PRINT

African Development Bank
AfDB calls for a "revolution" in providing energy access solutions



March 31, 2017

The African Development Bank (AfDB) brought together more than 180 stakeholders across the off-grid energy sector on Tuesday, March 28, in the context of "Energy Week" at the Bank's headquarters in Abidjan to discuss interventions to support the scale-up of energy access investments. The overarching objective was to unleash an "Off-Grid Energy Revolution", to provide up to 75 million households and businesses not covered by the power grid with modern, clean and affordable electricity using decentralized solar technologies.

During the plenary session of the Off-Grid Revolution consultation workshop, opening remarks were given by Bank President Akinwumi Adesina; the Minister of Oil, Energy and Energy Development of Côte d'Ivoire, Thierry Tanoh; and the Minister of Energy of the Republic of Sierra Leone, Henry Macauley.

President Adesina said, "Africa's energy potential is as enormous as its electricity deficit. We must move quickly to unlock this energy potential. We must be smart, efficient, sustainable and quick in our actions." The Off-Grid Revolution stakeholder consultation comes under the framework of the New Deal on Energy for Africa, which aims to provide universal energy access to all Africans by 2025.

"Although we can employ mix of approaches, off-grid solutions must be at the core of our approach to achieve the ambitious electricity access targets that we have set," Adesina added.

The future of off-grid energy solutions is bright. Amadou Hott, the AfDB Vice-President for Power, Energy, Climate Change and Green Growth, noted that millions of Africans have recently been connected to electricity by start-ups, driven by plummeting costs of solar photovoltaic (PV) and batteries, innovations in mobile payments and wireless communications technologies. "These businesses are increasing energy access across Africa faster, more cheaply, and more widely than conventional grid extension," said Hott.

In break-out sessions, participants discussed the issues related to access to financing, risk mitigation, enabling environment and appropriate business models to scale up the energy access in Africa. Overall, stakeholders reiterated the need for a stronger political will by governments, ensure long-term integrated planning of off-grid and on-grid, and to develop the local ecosystem including manufacturing, skills development. Stakeholders also agreed on the need for more patient capital and local currency financing, hedging tools to mitigate foreign exchange risks, and to improve the credit scoring data.

The meeting was attended by leading and emerging businesses, country-representatives, civil society, industry bodies, local financial institutions, key development partners, technology providers, impact investors and AfDB staff.

About the Off-Grid Revolution

The AfDB - under its New Deal for Energy for Africa (NDEA) Strategy - has set an aspirational target of "off-grid" electricity access target of reaching 75 million connections by end of 2025. This can only be achieved through an unprecedented collaboration across a wide spectrum of committed partners. Against this backdrop, the Bank convened the "Off-Grid Revolution" workshop to define towards a suite of interventions to support the scale-up of "off grid" investment. The event is part of the Energy Week, a series of events, including high-level discussions and partnerships focusing on lighting up and powering Africa, and unlocking Africa's huge energy potential co-organised and hosted by the AfDB. Energy Week runs from Monday, March 27 to Friday, March 31, 2017 in Abidjan.

About the AfDB's Power, Energy, Climate Change and Green Growth Complex

The Power, Energy, Climate Change and Green Growth Sector Complex (PEVP), was created to fulfill the objectives of "Light Up and Power Africa" - principally achieving universal access to electricity by 2025. The Complex will accomplish this by building Africa's energy systems while ensuring green growth. The entire development ecosystem for operational effectiveness, scale, socio- economic, and environmental impact will be taken into account. The New Deal on Energy for Africa, together with the inter-connected flagship programs is a top initiative of PEVP.

For more information :

Organization:
African Development Bank (AfDB)
www.afdb.org

             

Link http://globalrenewablenews.com/detail_news.php?ID=629856
BACK SEND PRINT
Most consulted news