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

comments powered by Disqus

MORE DEVELOPMENT NEWS

NCC commits N11m to lawn tennis league

The Nigerian Communications Commission (NCC) has committed N11million to lift the game of lawn tennis in the country. Read More

Airtel Kenya aids Bungoma community midwives programme

Bharti Airtel has partnered with Fountain Africa Trust to launch a community midwives program to support expectant women, new mothers and newborns in Bungoma County, Kenya. Read More

Vodacom promotes e-Learning in public, private schools

Vodacom Business Nigeria hosted fifty-six students from the S.S. Peter & Paul Nursery and Primary School, Ikate Elegushi on a special tour of the company’s facilities to learn about the cloud computing and the technology behind e-learning. Read More

eLearning Africa: ICTs boost growth but teachers reluctant to change

ICT is the key to improving education and thus boosting growth across Africa, but there is still widespread reluctance among teachers, trainers and managers to abandon traditional methods, says a new report. Read More

Microsoft, IICD launch employability hub in Ghana

Microsoft Ghana, in partnership with the International Institute for Communication and Development, has launched the TizaaWorks online platform, a one-stop online hub for employability and entrepreneurship.  Read More

SSA power offers growth for new entrants, disruptive technology

Sub-Saharan Africa's power sector is becoming increasingly attractive to new entrants as business models change and solutions like smart grids are harnessed to plug yawning supply gaps. Read More

Sanofi, MTN Foundation equip Cameroon diabetes clinics

The MTN Foundation and Sanofi announce the handover of medical equipment to 4 “Diabetes Clinics” on Tuesday 19 May 2015, at the AD LUCEM hospital in Bali, Douala, Littoral region. Read More

MTN Foundation, Oracle to train 2,000 in Nigeria

MTN Foundation Nigeria and Oracle have partnered in an ICT training programme to benefit around 2,000 scholars. Read More

Philips, Rhiza Foundation pilot Mobile Clinic

On the occasion of Philips’ sixth consecutive Cape Town to Cairo roadshow, Philips South Africa and the Rhiza Foundation have launched their “mobile clinic” project focusing on delivering basic primary healthcare. Read More

MTN Foundation supports Saint Joseph's Home

Friends of the MTN  Foundation in Cameroon have donated a substantial amount of basic necessities to Saint Joseph's Children and Adult Home (SAJOCAH) Bafut in the North West Region. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

The transformative power of affordable smartphones and unlimited data in GhanaThe transformative power of affordable smartphones and unlimited data in Ghana

Smartphones are helping transform their lives of ordinary people in Ghana, Reports Nana Appiah Acquaye.

IN DEPTH

NIMC infrastructure must be managed by credible people: NIMC chiefNIMC infrastructure must be managed by credible people: NIMC chief

NIMC’s chief speaks to Kokumo Goodie about the role of the NIMC and his own legacy.