African Green Tech fund launched

DEVELOPMENT

|
Image: By BiztechAfrica
African Green Tech fund launched

The Sustainable Energy Fund for Africa (SEFA), a joint initiative of the Danish government and the Energy, Environment and Climate Change Department (ONEC) of the African Development Bank (AfDB), has approved its first grant of USD 825,000 to finance the concept phase of the Green Tech Financial Facility – a vehicle for investments in private-sector driven green technology projects – including market scoping and positioning studies, fund conceptualization and fund manager selection.

The grant will be coordinated and monitored by a task team from the Private Sector Department of the AfDB, working closely with the African Biofuel and Renewable Energy Company (ABREC) and the SEFA Secretariat.

AfDB says African countries are embracing the “green growth” development paradigm to address their economic, environmental and social challenges. There is, however, an absence of a coherent investment framework to support this agenda in Africa and elsewhere. Climate-oriented facilities designed to address this problem channel capital from predominantly public contributions. While Multilateral Development Banks (MDBs) have achieved some success leveraging private finance using a variety of instruments, mainly through Climate Investment Funds, these initiatives lack sufficient scale to meet global climate finance needs.

Thus, there remains untapped potential to design an appropriate financing mechanism that systematically channels private capital into environmentally-sound technologies that improve resource efficiency and economic competitiveness while reducing carbon emissions.

This SEFA grant will therefore support the AfDB in structuring and launching an investment facility aimed at increasing private capital flow channeled to private sector-led projects that implement carbon-reducing and clean technologies for Africa. 



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE DEVELOPMENT NEWS

Airtel Ghana hands over library to Ajumako Entumbil community

Airtel Ghana has commissioned and handed over a library facility to the people of Ajumako Entumbil in the Central Region. Read More

Facebook partners with She Leads Africa in support of female African entrepreneurs

Facebook is supporting and sponsoring She Leads Africa, an African enterprise and women’s business-focused movement, to help ensure female entrepreneurs and professionals across the world unlock their full potential.  Read More

Networks Unlimited takes women’s empowerment and skills development earnestly

Xoliswa Pearl Mhlanga and Anton Jacobsz Networks Unlimited is currently training 108 interns and learners, of which 74 are young women from previously disadvantaged communities.  Read More

Solar best way to combat light poverty in Africa

Research by the United Nations Environment Programme (UNEP) shows that solar-powered LED lighting provides a low-cost alternative that not only alleviates light poverty but also reduces carbon emissions, indoor air pollution, and health risks. Read More

Huawei in school tablet donation

Huawei has donated 30 tablets to Moshupa Senior Secondary School in Botswana. Read More

Networks Unlimited continues to give back

Commemorating Nelson Mandela Day, Networks Unlimited, a value-added distributor, donated blankets to the South African Family Relief Project (SAFRP).  Read More

Bocodol Strategy 2020 to advance technology uptake

The new 2016 to 2020 Botswana College of Distance and open Learning Strategic Plan is a testament of the institution’s move towards an embedded e-learning regime.  Read More

Equity of trust essential for improving productivity – Tigo Barcamp 2016

Ghana’s digital lifestyle brand, Tigo, has urged young entrepreneurs and graduates to establish trust in their profession in order to boost productivity.  Read More

Entrepreneurship programme targets 5,000 students

Enactus Kenya director James Shikwati, Dr Risper Orero and Prof Edwin Wamukoya Enactus Kenya, an organization that promotes entrepreneurship among youth, aims to empower 5,000 students in Kenya with business leadership skills.   Read More

Ericsson Networked Society City Index 2016 measures ICT maturity in Johannesburg and Lagos

Although starting at a low level, Johannesburg and Lagos are progressing in all ICT dimensions of the Ericsson Networked Society City Index.   Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor NetworksEricssonTigo Ghana

FEATURED STORY

Financial services sees AI as both opportunity and threatFinancial services sees AI as both opportunity and threat

Banking is already a key area where technology is having an impact throughout Africa, and a new survey assesses the impact artificial intelligence will have on this sector.

IN DEPTH

Access and Use of ICT stats releasedAccess and Use of ICT stats released

Statistics Botswana has released the first results of the 2014 Information and Communication Technology Household Survey.