UN’s $5bn scheme to boost Africa’s green energy

The United Nations has launched a $5 billion (£3bn) initiative to expand renewable energy capacity in Africa. The announcement was made by Secretary-General Ban Ki-moon at COP21 in Paris. The […]

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The United Nations has launched a $5 billion (£3bn) initiative to expand renewable energy capacity in Africa.

The announcement was made by Secretary-General Ban Ki-moon at COP21 in Paris.

The Africa Renewable Energy Initiative is led by the African Union’s NEPAD (New Partnership for Africa’s Development) the African Group of Negotiators, the African Development Bank, the UN Environment Programme and the International Renewable Energy Agency.

At least $5 billion (£3bn) will be needed in public finance between 2016 and 2020 to leverage a further $15 billion (£9bn) for a total investment of at least $20 billion (£13bn) pre-2020.

Other initiatives launched today included efforts to improve access to electricity and energy efficiency and promote renewable energy.

The Secretary-General said: “The production and use of energy is responsible for more than half of the world’s total greenhouse gas emissions. That means energy is also more than half of the solution. We need sustainable energy to reduce global greenhouse emissions and avert the risks of runaway climate change.”

“Saving energy is a triple-win solution. It can save money, reduce emissions and provide additional energy capacity. But to replicate this experience for billions more people, we will need finance.”