African Green Tech fund launched
DEVELOPMENT| 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
Airtel beneficiary wins best practices awardFood for All Ghana Campaign, a food wastage and food recovery project by Chefs for Change Ghana Foundation in partnership with SAVE FOOD, (an FAO Global Initiative for the reduction of food loss and wastage) has been recognized with an award for “Best Practices” by the Government of Dubai. Read More
Airtel funded biogas plant wins regional awardAirtel has received regional recognition for the CSR Initiative of the year nearly a year after the company commissioned the Immanuel Afrika’s (I-Afrika) biogas project in Kikuyu, Kenya. Read More
Fairscape Precinct recognised for excellence, innovation and technologyBotswana Development Corporation’s headquarters, Fairscape Precinct, has been awarded two Fulton Awards by the Concrete Society of South Africa. Read More
Dimabi School renovated By Tigo Shelter 4 Education projectTigo Ghana has presented its fourth school block to the management of Dimabi Nursery and Primary School in Tolon Kumbumgu of the Northern Region. Read More
Tigo Rwanda and Reach for Change launch the Changemakers HubTigo Rwanda and Reach for Change have launched the Changemakers Hub. This hub, located at the Tigo Headquarters in Muhima, will provide office space and resources for applicants and current Digital Changemakers. Read More
Airtel employees mentor Kinder Paradise Home studentsAirtel Ghana, has organized a motivational mentorship seminar for students of the Kinder Paradise Home at Prampram near Accra. Read More
Obeng Yaw L/A School benefits from Tigo’s Shelter 4 Education projectObeng Yaw, a community in the Upper West Akyem district of the Eastern region is the latest to benefit from Tigo’s Shelter for Education project. Read More
Vodafone supports deployment of SnooCode for Ghana Ambulance ServiceGhana National Ambulance Service teams across the length and breadth of the country will now find it easy tracking the location of victims during emergencies using SnooCode’s “CodeRed” mobile application. Read More
MTN Foundation supports health campaigns in CameroonThe MTN Foundation in Cameroon has handed a considerable stock of medication and medical equipment to ASCOVIME to improve medical treatment provided to rural communities. Read More
Kumasi set to host Tigo Yensor Nkoaa Grand finale.After 90 days of giving away generators, power banks, rechargeable lamps and power invertors, the Tigo “Yensor Nkoaa “ promo is inching closer to the grand finale. Read More
FEATURED STORYAlcatel-Lucent VP calls for collaboration to achieve Data Revolution in Africa
The Vice president of Alcatel-Lucent Africa, Daniel Jaeger, has reiterated the need for African stakeholders to work together to address challenges in the way of ICT development in Africa.
BEST READ NEWS
IN DEPTHHigh tech homes: Just press play
High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.
COMPANY NEWSMTN SA expands its FTTH network to the Western Cape
MTN South Africa has expanded its fibre to the home (FTTH) footprint to the Western Cape, and trenching has already commenced in the picturesque suburbs of Fresnaye ...