The African Development Bank Group has recommitted to supporting renewable energy projects by 100 per cent on the continent, reports NaijaAgroNet.
AfDB in a refutal over alleged plans to provide financial support to the East African Crude Oil Pipeline Project, declared ‘renewable energy as the future” path for Africa.
The group through its Acting Director of Communication and External Relations Department, Mrs. Nafissatou Diouf, said the bank is strongly committed to renewable energies, noting that for over a decade, the bank has played a leading role in crafting policies and delivering investments that promote sustainable development practices on the continent, including climate adaptation and resilience.
“The Bank is committed to facilitating the transition to low-carbon and climate-resilient development in African countries across all its operational priority areas,” she told NaijaAgroNet in a press statement.
AfDB maintained it did not have any plan to finance the East African Crude Oil Pipeline Project, declaring that the group is for “100% renewable projects and sustainable, low-emission agriculture and infrastructure.”
The Bank, she equally said, has prioritized investment in renewables and has not invested in any coal project in the past decade as it sees renewable energy as the future.
“Since the launch of the Bank’s Strategy for the New Deal on Energy in 2016, up to 2019 renewable energy projects constitute about 85% percent on average of the Bank’s power generation investments,” she said,
Maintaining that the Bank is working closely with African countries to realize their renewable energy potential and has developed dedicated programmes and instruments to achieve this goal.
Isaac Oyimah/Editor
... Linking agrobiz, sustainable environs, people & technology
... Linking agrobiz, sustainable environs, people & technology
