{"id":9994,"date":"2022-11-24T14:17:13","date_gmt":"2022-11-24T14:17:13","guid":{"rendered":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/cop27-sustainable-energy-fund-for-africa-secures-64-million"},"modified":"2022-11-24T14:45:43","modified_gmt":"2022-11-24T14:45:43","slug":"cop27-sustainable-energy-fund-for-africa-secures-64-million","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/cop27-sustainable-energy-fund-for-africa-secures-64-million","title":{"rendered":"COP27: Sustainable Energy Fund for Africa secures $64 million"},"content":{"rendered":"

Africa-Press – Cape verde. <\/strong><\/span>The Sustainable Energy Fund for Africa has secured a fresh injection of $64 million in grant funding from the Norwegian Agency for Development Cooperation (NORAD) and the Global Energy Alliance for People and Planet (GEAPP).<\/p>\n

SEFA, a multi-donor special fund managed by the African Development Bank, provides concessional finance to unlock private sector investments in renewable energy and energy efficiency.<\/p>\n

Commenting on the grant, Norway\u2019s Minister for International Development, Anne Beathe Tvinnereim, emphasized SEFA\u2019s ongoing contribution to tackling some of the biggest challenges hindering access to clean energy in Africa. \u201cSix hundred million Africans lack connection to electricity and 900 million do not have modern cooking stoves,\u201d Tvinnereim said. \u201cWith today\u2019s announcement, NORAD \u2013 SEFA’s partner since 2018 \u2013 increased its contribution to NOK 535 million ($54.72 million).\u201d<\/p>\n

Global Energy Alliance for People and Planet Executive Director for Africa Joseph Nganga said GEAPP was proud to partner with the African Development Bank to expand access to clean, affordable, and reliable energy for communities across Africa.<\/p>\n

\u201cWe are leapfrogging polluting energy sources and supporting decarbonisation across the energy sector. Together we will focus our efforts on sustainable energy projects with a high potential to be transformative, scalable, and replicable, and we look forward to supporting SEFA to catalyse and leverage additional financing for these pivotal projects,\u201d he added.<\/p>\n

Dr. Daniel Schroth, African Development Bank Director for Renewable Energy and Energy Efficiency, acknowledged the importance of the grant funding. \u201cThese new contributions to SEFA are a recognition of the critical role played by SEFA in catalysing private sector investments in Africa\u2019s sustainable energy sector and they will allow SEFA to further scale-up its investments over the coming years,\u201d he said.<\/p>\n

The announcement came during a panel discussion as part of the Climate Summit (COP27) held in Sharm El-Sheikh from 6-18 November. The panel discussion, titled Renewable energy for climate action, socio-economic transformation in Africa: the role of SEFA, featured Minister Tvinnereim and Ed Borgstein, GEAPP\u2019s Director of Country Programmes.<\/p>\n

The panel also included the Minister of Water Resources and Electricity of the Democratic Republic of Congo, Olivier Mwenze Mukaleng; the Director for Climate, Energy and Environment at the German Federal Ministry for Economic Cooperation and Development (BMZ), Dr Heike Henn, Terje Osmundsen, Founder and CEO of Empower New Energy; Aaron Chang, CEO of PowerGen; Peter George, Co-Investment Director of the Spark+ Africa Fund; Rokya Ye-Dieng, Deputy Resident Representative of UNDP, in the Democratic Republic of Congo; Ash Sharma, Vice President of the Nordic Green Bank and Geoff Sinclair, Managing Director of the Renewable Energy Performance Platform.<\/p>\n

Sinclair congratulated SEFA on the new funding. He noted that \u201cSEFA plays a critical role in catalysing African sustainable energy development and convened an important conversation about how to increase the scale and rate of implementation. It was clear that all actors in the sector need to collaborate more to do this, and I\u2019m looking forward to following up to put that collaboration into action.\u201d<\/p>\n

Sharma said, \u201cPublic finance channelled through results-based financing has an important role to play in help to de-risk and scale expansion of off grid electricity solutions and modern clean cooking solutions. The Nordic Green Bank manages two multi-donor SDG7 instruments to support these sectors in nine African countries through the Beyond the Grid Fund for Africa and the Modern Cooking Facility for Africa, respectively.\u201d<\/p>\n

African Development Bank President Adesina (left) and Norwegian Minister Tvinnereim<\/p>\n

ABOUT THE GLOBAL ENERGY ALLIANCE FOR PEOPLE AND PLANET<\/b><\/p>\n

The Global Energy Alliance for People and Planet is an alliance of local entrepreneurs, emerging and developed country governments, and technology, policy, and financing partners. With philanthropic partners Bezos Earth Fund, IKEA Foundation and The Rockefeller Foundation, GEAPP works to build the enabling environment, capacity, and market conditions for private sector solutions, catalyze new business models through innovation and entrepreneurship, and deploy high-risk capital to encourage private sector solutions, and assist just transition solutions.<\/p>\n

ABOUT NORAD<\/b><\/p>\n

NORAD, the Norwegian agency for development cooperation, is under the Ministry of Foreign Affairs. In matters concerning Norway’s climate and forestry initiative, NORAD is a subordinate of the Ministry of Climate and Environment.<\/p>\n

For More News And Analysis About Cape verde<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Cape verde. The Sustainable Energy Fund for Africa has secured a fresh injection of $64 million in grant funding from the Norwegian Agency for Development Cooperation (NORAD) and the Global Energy Alliance for People and Planet (GEAPP). SEFA, a multi-donor special fund managed by the African Development Bank, provides concessional finance to unlock […]<\/p>\n","protected":false},"author":84,"featured_media":9993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,331,328],"class_list":["post-9994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-cape-verde","tag-cape-verde"],"yoast_head":"\nCOP27: Sustainable Energy Fund for Africa secures $64 million - Cape Verde<\/title>\n<meta name=\"description\" content=\"The Sustainable Energy Fund for Africa has secured a fresh injection of $64 million in grant funding from the Norwegian ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/cape-verde\/all-news\/cop27-sustainable-energy-fund-for-africa-secures-64-million\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COP27: Sustainable Energy Fund for Africa secures $64 million - 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