Intl partnership pledges $11 billion investment for African renewable energy development by 2020
Germany and 8 other countries are pledging investments of up to $11 billion for the African Renewable Energy Initiative by 2020.
The UK, Canada, the European Union, France, Germany, Italy, Japan, the Netherlands, Sweden, the U.S. have announced that they will jointly provide up to $11 billion in investment for countries in Africa.
Germany has announced a contribution of $3.7 billion, with France, the U.S., the UK, Canada, Japan, Italy, Sweden, the Netherlands and the EU Commission will contribute the remaining $7.5 billion
The announcement was made during the ongoing climate meetings in Paris. The Africa Renewable Energy Initiative aims to achieve at least 10 GW of new and additional renewable energy generation capacity by 2020 which would be sufficient to generate at least 300 GW by 2030. We reported on this previously.
The Africa Renewable Energy Initiative was announced by the African Union last week and the funding commitment by these countries now is contributing to this effort.
Securing sufficient power to meet electricity demand in the growing economies in Africa remains a key obstacle for economic growth and better living standards.
Source: African News Agency