African Green Tech fund launched
DEVELOPMENTBy BiztechAfrica - Sept. 4, 2012, 11 a.m.
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.
MORE DEVELOPMENT NEWS
UN, World Bank to mobilise funding for energy for allUN Secretary-General Ban Ki-moon and World Bank Group President Jim Yong Kim have outlined plans to mobilise financing for sustainable energy for all. Read More
UN-Habitat partners with TomTom to ease urban congestionTomTom has announced a partnership with UN-Habitat, the United Nations Human Settlements Programme. Read More
AfDB, AVU discuss benefits of e-learningThe future of e-learning in Africa came under discussion at the first international African Virtual University (AVU) conference staged in Kenya recently. Read More
Science and Technology to ‘improve citizens’ livelihood’The Botswana International University of Science and Technology (BIUST) is running Africa Science, Technology Support Workshop at its Palapye campus. Read More
Schneider Electric unveils tech to produce electricity, drinking water and heatSchneider Electric has inaugurated its new Microsol project in Kenya, aiming to develop a single, modular standard technology for producing electricity, drinking water and heat simultaneously. Read More
AccessKenya sponsors pupils with visual impairmentAccessKenya Group has partnered with the non-profit organisation inABLE, to sponsor ten pupils in the ‘Computer Labs for the Blind Program’ at a cost of Kes 100,000. Read More
Using next generation technology to power next generation skills developmentA partnership between South Africa’s Nelson Mandela Metropolitan University (NMMU) Department of Computing Sciences and SYSPRO is using new technologies in innovative ways, to address the ICT skills shortfall. Read More
AfDB to support S&T skills development in ZambiaThe African Development Bank Group in Tunis has approved a loan of US $33.6 million to support the Science and Technology Education Project (SSTEP) in Zambia. Read More
Samsung Solar Powered Health Centre takes diabetes care to MogalakwenaSamsung Electronics Africa’s innovative new Solar Powered Health Centre boosted the recent Mokopane community wellness day by providing free diabetes testing and counselling. Read More
Intel joins ITU Telecom to explore education transformationITU has announced that Intel Corporation, the global leader in silicon chip innovation, will join ITU Telecom World 2013 as a partner. Read More
FEATURED STORYGaming app introduces investors to trading
A new virtual stock market app is equipping would-be investors with the skills they need to trade.
BEST READ NEWS
IN DEPTHCorporate cyber security threats of the year
91% of organisations polled suffered a cyber-attack at least once in the past year, says Kaspersky Lab in its security review of 2013.